The price is going to bounce from the downtrend line. RSI is going to confirm a price reversal. We should expect for further downward movement to the uptrend line. If the market bounces from the uptrend line, we'll have a confirmation of possible upward movement. It will be a buy signal when the price breaks the donwtrend line. Also, we can place pending orders for buy above 0.000090 level. If the market breaks the downtrend line and shows strong upward movement without a retracement to the uptrend line, we'll be able to catch this movement. Stop orders for all long trades must be placed below the local swing lows. Profit targets should be at the resistance levels.
Hello @DLavrov , thanks a lot for your TA.
I read a lot in your ideas that "RSI/MACD is going to confirm price reversal", could you please tell, what does it exactly means and when you can state that RSI confirms the reversal?
DLavrov
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@DDIMM, Hi, you can see that RSI reversed and now it falls, the same goes about the price. So, RSI confirms price reversal. The same goes about MACD histogram. You can find information about signals providing by indicators in Chart School, for example )
So according to your TA price should go down in the next week right? And then price will increase? Or will it happen faster? I'm new to trading,not being able to understand properly.
I read a lot in your ideas that "RSI/MACD is going to confirm price reversal", could you please tell, what does it exactly means and when you can state that RSI confirms the reversal?