Price broke below the ascending structure and is now pulling back for a potential retest of the underside (previous support turned resistance). I’m watching the marked red zone for a possible bearish reaction – ideally with rejection wicks or bearish engulfing confirmation.
RSI is recovering but approaching potential overbought territory. If price reacts at the retest zone, I expect continuation down toward the lower boundary of the larger descending channel.
⚠️ Patience here – no entry yet, just planning the short if conditions align.
Let the market come to you.
RSI is recovering but approaching potential overbought territory. If price reacts at the retest zone, I expect continuation down toward the lower boundary of the larger descending channel.
⚠️ Patience here – no entry yet, just planning the short if conditions align.
Let the market come to you.
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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.