The previous analysis on this one played out quite nicely and we have been moving towards that long term entry zone on the right as well. Past week it formed a nice bullish wedge on the right, but that one failed eventually and the price has been dropping some more since. When we look at the right, we can see the big yellow triangle has the shape of a big wedge as well. This tells me that the price actually does not want to drop.
At the moment i don't have a short term play here, so i will be looking for a long term entry. To play it safe, i will be waiting for a break of that thick black resistance line. If i see a pattern form coming days at the low i might still give it a try, otherwise i will probably just keep waiting for that yellow zone to get in. Assuming we see a movement like that blue line of course, so a breakup and a retest of support.
Previous analysis:
At the moment i don't have a short term play here, so i will be looking for a long term entry. To play it safe, i will be waiting for a break of that thick black resistance line. If i see a pattern form coming days at the low i might still give it a try, otherwise i will probably just keep waiting for that yellow zone to get in. Assuming we see a movement like that blue line of course, so a breakup and a retest of support.
Previous analysis:
