The price had been rising since Aug 19th, which was also the end of the previous downward trend. The price had been through a big wave. Recently, the price met resistance on Sep 3rd. After that the price made two sharp drops. So, is this a turning or just a retracement?
As can be seen, the price is now testing the 38.2% Fibonacci level. This position is very delicate and crucial. There is a subtle balance between bull and bear power; the price received support power here, but we cannot make sure if this is enough to turn the price up.
The Bollinger Bands shrunk, which is considered a breakout signal. Parabolic SAR is still making a downward trend. However, the 10 day moving average (orange line) is getting close to the 25 day moving average (pink line), which could be considered a bullish signal. Let’s keep our eyes on the price line.
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