Based on the Ichimoku system we can see that the price is creating lower lows and lower highs, failing to recover due to the fact that the price is in a bearish mode for the moment.
If we examine the Ichimoku system, we can see that the price also respects the system components.
It is notable that we have a valid kumo break out signal following by the confirmation of the chikou span line which is below the cloud and below the price.
The price is below the cloud, the Tekan sen and kijun sen seem to be in a bear formation and the cloud is in a bearish mode as well.
On the 19/6/18 price reached the level of $6865.40 which was a Fibonacci level of 50% and then fell. This is an important level to watch for due to the fact that price tried to break it 3 times and failed.
Those clues giving us the confidence we need to confirm that the price may continue to move lower for the moment.
Now what we like to see to be able to find any potential high-quality signals is to wait for the price to bounce on the tekan sen and then considering a trade.
Everything posted herein is the Personal Opinion of the Author(s) and does not represent a statement made by TeleTrade. TeleTrade is providing this for informational purposes.
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