Hi Traders! The market is in a Downtrend. *This Analysis gives you an idea of what the market is doing on point of view.
You have to decide by your own analysis, which way the market will go…
or just follow the price ;-)* *Leave a comment on your idea!* As you can see we here have two major Trendlines , which are frequently respected.
The first one is coming from above (descending) and it marks many lower Highs.
The second one is also descending and it marks the lower Lows. The second Trendline is less tilted than the first one. As the price almost reached the weekly Support,
it is possible to move up as a Support Bounce. However, if we consider the daily chart , it looks like a double Top .
If you follow this, than it should break the Support.
We recommend to confirm the Breakout with any strong confirmation to avoid Fake Outs. Thanks and successful Trading :-)!