Price appears to be in a rising wedge formation and looks to have plateaud. We can see a double top formation.
It is possible that this is a ascending triangle which is a bullish reversal signal, however with StochRSI overbought, and RSI below 50, as well as overall market sentiment, the signals suggest a healthy move to the downside.
Measured objective target at 0.00016245.
It is possible that this is a ascending triangle which is a bullish reversal signal, however with StochRSI overbought, and RSI below 50, as well as overall market sentiment, the signals suggest a healthy move to the downside.
Measured objective target at 0.00016245.
Note
It should be pointed out that price could potentially move higher to the fib 38% level. Hence SL should be tucked about fib 38. If price does pull higher, consider layering additional trades.
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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.