I've been watching this pair since last week.
1. This is the first indication that the uptrend is topping out. It failed to make a higher high. The reversal sentiment is strengthened by #2.
2. Although this was rather quick, price breaking below the lower boundary range is a good indication that this level isn't being respected. Or, not being respected as cleanly. What this implies is that price may not experience a strong reaction off of this level if it were to make another test.
3. Price briefly traded below the lower boundary again last week. I am largely monitoring this pair for a potential opportunity to short this pair. If price does breach below this level, I do anticipate a good pay off.
1. This is the first indication that the uptrend is topping out. It failed to make a higher high. The reversal sentiment is strengthened by #2.
2. Although this was rather quick, price breaking below the lower boundary range is a good indication that this level isn't being respected. Or, not being respected as cleanly. What this implies is that price may not experience a strong reaction off of this level if it were to make another test.
3. Price briefly traded below the lower boundary again last week. I am largely monitoring this pair for a potential opportunity to short this pair. If price does breach below this level, I do anticipate a good pay off.
Note
s3.tradingview.com/snapshots/f/foThWXT3.pngFinally broke lower, this move is underway.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.