By now you should have noticed that the market is weak. In fact, the prices have penetrated through the bull's major trend lines. You should feel bearish. If you are looking to buy, I would suggest you to pay attention on a 0.618 Fibonacci retracement level. The 0.618 is a golden ratio. It has its great relevance. You should look up on it. You will learn its phenomenon.
The Price action at the moment is in its distribution phase hence why you see some sort of ranging. This is caused because 38.2 and 50.0 has ability to either support the price or provide resistance to higher prices. In the chart, these phenomenon numbers are possessing support to the price. However, if you look at the present price action you will notice that the price is struggling to rise higher. This type of action tells us that the market is still weak and we will be anticipating the prices to fall down to 61.8 level.
Bear markets run faster than bull markets. This is because weak holders tend to refuse to get out of the market due to their fear of losses. You will also notice a shake out before the market gains its strength.
I leave it there for you :)
good luck and happy trading )
The Price action at the moment is in its distribution phase hence why you see some sort of ranging. This is caused because 38.2 and 50.0 has ability to either support the price or provide resistance to higher prices. In the chart, these phenomenon numbers are possessing support to the price. However, if you look at the present price action you will notice that the price is struggling to rise higher. This type of action tells us that the market is still weak and we will be anticipating the prices to fall down to 61.8 level.
Bear markets run faster than bull markets. This is because weak holders tend to refuse to get out of the market due to their fear of losses. You will also notice a shake out before the market gains its strength.
I leave it there for you :)
good luck and happy trading )