To start off, the sentiment is clearly bearish if we take a look at high timeframe graphs.
Narrowing down and looking at the current price development, we may observe the following: failure to continue printing Lower Low points.
A recent spike below the sideways-moving consolidational range shows that first, the price needs to go through a correctional phase and charge up before continuing its bearish impulses for the downside.
Without waiting any further, we are starting to identify possible entry positions and waiting for the price to reach that level before executing SELL orders. The 1.353 area of previous support which now acts as resistance is perfectly aligning with the 0.618 Fibonacci retracement level.
We will patiently wait for the price to reach this specific level and then wait for our entry criteria to be met before going short and aiming for the zone portrayed on the chart (the Weekly-timeframe Lower Low).
Narrowing down and looking at the current price development, we may observe the following: failure to continue printing Lower Low points.
A recent spike below the sideways-moving consolidational range shows that first, the price needs to go through a correctional phase and charge up before continuing its bearish impulses for the downside.
Without waiting any further, we are starting to identify possible entry positions and waiting for the price to reach that level before executing SELL orders. The 1.353 area of previous support which now acts as resistance is perfectly aligning with the 0.618 Fibonacci retracement level.
We will patiently wait for the price to reach this specific level and then wait for our entry criteria to be met before going short and aiming for the zone portrayed on the chart (the Weekly-timeframe Lower Low).