Possible exhaustion?
This point seems like a major resistance. It has tried to break this area four times but have failed in each.
Also notice how it has never gone higher than the first attempt in breaking this area (first highlighted in green). This would mean that in every attempt to break the top, it has not found any more buyers that were willing to buy over that area, and no buyers were willing to buy beyond the high of the first candle highlighted in green. This may be a sign of exhaustion.
On the other hand, there have been higher lows which may also show possible strength. I would wait for a break down for a short or a break up for a long. Will place buy/sell stop orders around these areas.
Also notice how it has never gone higher than the first attempt in breaking this area (first highlighted in green). This would mean that in every attempt to break the top, it has not found any more buyers that were willing to buy over that area, and no buyers were willing to buy beyond the high of the first candle highlighted in green. This may be a sign of exhaustion.
On the other hand, there have been higher lows which may also show possible strength. I would wait for a break down for a short or a break up for a long. Will place buy/sell stop orders around these areas.
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