Bearish Flag - Pennant
- Chart Timeline: 2 HRS | I usually do a 1 hour timeline but I used the 2 hours this time because it's much more cleaner.
- RSI: Mid to below-mid level | Meaning its still bearish/downtrend
- MACD: Line if about to cross and could continue downtrend
- Support Level: My strong support level is about $2. There's 3 level of lower support that I looked at. The $2, $1.70 and $1.50, but wasn't hoping for a dollar. My strong support lows of low is $2.
- Conclusion: Chart giving me bearish pennant + RSI still downtrend + MACD about to cross + existing support level from previous lower low.
This is on a technical analysis standpoint. No fundamental involve.
Note
Update: Symmetrical triangle broken. Turned out to be rectangle instead. Still bearish
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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.