HELLO ALL AND GOOD EVENING.
We got an early re test of the upper line of this channel. Now that this has happened and the volume, RSI and MACD we showing bearish divergence on the 1H, we should be looking out for a top formation like this potential head and shoulder.
If we see rising demand into this $6,700 range then the likelihood of one more high could be greater than an early break down.
On the 1D we see rising consolidation and lack luster volume. Also note, we have stalled at the 0.5 retrace and closed a daily grave stone doji under the 0.382. However it is still possible we make it up to the golden retrace before possibly challenging previous lows.
Not trade advice.
We got an early re test of the upper line of this channel. Now that this has happened and the volume, RSI and MACD we showing bearish divergence on the 1H, we should be looking out for a top formation like this potential head and shoulder.
If we see rising demand into this $6,700 range then the likelihood of one more high could be greater than an early break down.
On the 1D we see rising consolidation and lack luster volume. Also note, we have stalled at the 0.5 retrace and closed a daily grave stone doji under the 0.382. However it is still possible we make it up to the golden retrace before possibly challenging previous lows.
Not trade advice.
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.
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.