I am finding it difficult to analyse this chart. I have identified four different areas of support/resistance.
The orange arrow is a concept that price may reverse immediately, bouncing off the recent support last tested early part of last week.
The yellow arrow suggests price will continue down to the support trend line of the uptrend, before moving bullish.
The blue arrow is my prediction for if price moves down and tries to test the broad area of interest I've highlighted in a blue rectangle.
Of course, price could just simply continue to move bearishly to the downside aiming for the overall downtrend channel's support, clearly visible in the 1D chart. I have not included this on this chart at this point. I think other traders are publishing ideas that discounts this because we have already had three taps on this support, albeit the first two are faint, and they are thinking that we will be moving to the upside now.
What are your thoughts? I'd really appreciate comments, so that as a newbie I can learn from more experienced traders.
The orange arrow is a concept that price may reverse immediately, bouncing off the recent support last tested early part of last week.
The yellow arrow suggests price will continue down to the support trend line of the uptrend, before moving bullish.
The blue arrow is my prediction for if price moves down and tries to test the broad area of interest I've highlighted in a blue rectangle.
Of course, price could just simply continue to move bearishly to the downside aiming for the overall downtrend channel's support, clearly visible in the 1D chart. I have not included this on this chart at this point. I think other traders are publishing ideas that discounts this because we have already had three taps on this support, albeit the first two are faint, and they are thinking that we will be moving to the upside now.
What are your thoughts? I'd really appreciate comments, so that as a newbie I can learn from more experienced traders.