Description
⋅ - The bulls have managed to pump the price a lot in the last week.
- Currently, the price is moving out of the channel. Hence, expecting a drop in the channel.
- Also, the previous Swing Highs have not been retested. Hence, there is a possibility of a drop towards the 8.20 region.
- RSI is already in the overbought territory. Don't think the buying momentum will sustain.
- All in all, I am expecting a drop towards the bottom of the channel. The trendline may support the price between 6.5-6.7 region.
- If the trendline does not support the price, then I will look out for the price between the 5.5ish region.
- I have marked the levels at which I will enter the trade. It's just a waiting game now.
*Everything is marked on the chart-- Swing points, trend lines can be used for trading along with some momentum indicators.
Try to look out for a confluence of these parameters, don't trade solely using any one of these parameters.
P.S: This is NOT investment advice. This char is meant for learning purposes only. This is my personal journal. Invest your capital at your own risk.