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TECHNICAL ANALYSIS:
Since the end of March 2020, the price has been following a strong downtrend, creating a clear falling wedge pattern. As we can see on the chart I drew, the price has been rejected many times from the dynamic trendline resistance, this is a clear sign that the dynamic resistance perfectly worked.
At the beginning of August, the price broke an important support level at about 0.92216, and since the moment we got few months of consolidation, the price followed a side trend in a period of low volatility, bouncing up and down between the two S/R levels
The 12th of November, the price collapsed until it reached the dynamic trendline support and now it's retesting the same zone.
CONCLUSION:
The price is actually following a strong downtrend inside a falling wedge pattern, it's retesting the dynamic trendline support that rejected the price many times, if we will get few more confirmations we could think to entry long until the next resistance level.
The price is starting now a period of consolidation after a full month of high volatility, the RSI is clearly showing a convergence and the momentum is slowly increasing.
This pair is definitely giving us a good opportunity but I suggest to don't open any long position right now, I'd entry long once the price will confirm the rejection and see how it acts once it will break the level at 0.89000.
TECHNICAL ANALYSIS:
Since the end of March 2020, the price has been following a strong downtrend, creating a clear falling wedge pattern. As we can see on the chart I drew, the price has been rejected many times from the dynamic trendline resistance, this is a clear sign that the dynamic resistance perfectly worked.
At the beginning of August, the price broke an important support level at about 0.92216, and since the moment we got few months of consolidation, the price followed a side trend in a period of low volatility, bouncing up and down between the two S/R levels
The 12th of November, the price collapsed until it reached the dynamic trendline support and now it's retesting the same zone.
CONCLUSION:
The price is actually following a strong downtrend inside a falling wedge pattern, it's retesting the dynamic trendline support that rejected the price many times, if we will get few more confirmations we could think to entry long until the next resistance level.
The price is starting now a period of consolidation after a full month of high volatility, the RSI is clearly showing a convergence and the momentum is slowly increasing.
This pair is definitely giving us a good opportunity but I suggest to don't open any long position right now, I'd entry long once the price will confirm the rejection and see how it acts once it will break the level at 0.89000.
