A falling wedge seems to be forming in the prevailing downtrend, which gives the bullish signal that we might be in for a reversal. A bullish breakout would only be confirmed when it takes the price to above 3k6 level.
In case of an unlikely bearish breakout of the wedge to the downside, beware of a potential bear trap. Next stop in the way down would be around 2k7.
In case of an unlikely bearish breakout of the wedge to the downside, beware of a potential bear trap. Next stop in the way down would be around 2k7.
Note
Additionally a bullish divergence can be seen in RSI levels, which would confirm a potential reversal
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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.