We've seen that the price (1W) couldn't get above previous Lower High. When the price touched long term Resistance we've seen a quick pullback. On 4H chart there are couple of candlestick patterns which are showing us the change in trend is coming.
We can also see price going up, but RSI falling which is a recipe for a Bearish Divergence.
Pullback is coming and we have 61.8% an 78.6% Fibonacci levels showing us the way.
Reasons for getting in a SHORT position:
1) Support & Resistance (1W) - In the 1W timeframe 7800-8400 is a common support & resistance area
2) The price on 1W timeframe couldn't get above previous Lower High area
3) Candlestick Patterns close to the Resistance area are showing that the current trend is changing (4H)
4) Bearish Divergence (4h) - Price going up, RSI falling ; seen also on 1D & 1H
Stop Loss: 8600
Take profit: 1) 7400; 2) 7000; 3) 6200; 4) 5600-5800; 5) 5000
Patience always pays off so trade wisely and responsibly.
Good luck!
We can also see price going up, but RSI falling which is a recipe for a Bearish Divergence.
Pullback is coming and we have 61.8% an 78.6% Fibonacci levels showing us the way.
Reasons for getting in a SHORT position:
1) Support & Resistance (1W) - In the 1W timeframe 7800-8400 is a common support & resistance area
2) The price on 1W timeframe couldn't get above previous Lower High area
3) Candlestick Patterns close to the Resistance area are showing that the current trend is changing (4H)
4) Bearish Divergence (4h) - Price going up, RSI falling ; seen also on 1D & 1H
Stop Loss: 8600
Take profit: 1) 7400; 2) 7000; 3) 6200; 4) 5600-5800; 5) 5000
Patience always pays off so trade wisely and responsibly.
Good luck!