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As expected in the previous analysis the price reached $1.13000 and bounced back up. The week started with the price heading down and entering into the range area.
We had a candle with large wicks on the upper side and the lower side which represents the bullish and bearish strength at this level.
The price reached a downtrend channel resistance line and $1.14000 horizontal resistance level. That is the confluence of resistance where horizontal resistance level and downtrend channel resistance line are crossing.
We can see a bullish pin bar formed after reaching the confluence level which shows us bearish strength pushing the price down, but bulls were defending the area.
On Friday the price continued to move down and ended the week in the range area.
If we take a look at how the previous week ended, we can say the price is almost in the same position. It is now in the range area where we need to wait. Waiting is necessary because price could move in any direction. We have bulls pushing the price up and bears returning the back down.
If we change the time frame on the weekly we can see an indecision candle. So, at this moment it is best to wait until the price makes a breakout.
If the price makes a breakout to the upside it should close above $1.14000, which is when to start looking for bullish entry levels. This will mean the price has strength to break two resistance levels which could be an indication for a breakout above $1.14748.
If the price closes below $1.13000 then we can start looking for a retrace and entry level around $1.13000.
The market does not look strong enough to push the price higher. As it look the bears are much stronger.
Video length 00:06:49
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