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Looking at the H1 chart, we could see that the price which was moving lower, reached a key support zone that has formed based on the 100%(1.93906) Fibonacci expansion level of the first wave. The price respected this key support zone, and is currently bouncing higher from this zone. Also, the price has broken above the most recent downtrend line and is currently holding above it, we may consider as evidence of bullish pressure. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Also, currently there are no signs opposing this short-term bullish view. So everything looks good here for the bulls and until the key support zone (marked in green) shown in the image below holds my short-term view remains bullish here and I expect the price to move higher further.
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short-term buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Arvinth Akash
Home Trader Club Team
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