The price is in a strong sell trend, where it has broken the previous LL with strong selling momentum, confirming sellers' dominance. Now, we need to wait and see whether the price rejects this level and continues the downtrend or if this is just a false breakout. If the price moves back above the LL and confirms support, we can start considering buy opportunities.
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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.