Dear My Friends,
The Auction is making a very strong impression on me, as it is going against the current market trend. So, I decided to observe Auction’s chart across different timeframes. On the monthly timeframe, it didn’t give me a clear perspective, as the indicators provided conflicting conclusions.
I then switched to a smaller timeframe, the weekly chart. And everything became very clear here: a bearish divergence is very evident, and the indicators are all in agreement. As you can see, the price is still rising sharply. However, the trading volume is decreasing. The RSI indicator also shows a divergence compared to the price index.
The RSI is currently above 80. Therefore, I will place a Short order and take profits at three price levels as shown on the chart.
I hope my analysis will support my friends. Please manage your risks carefully before entering any trades.
Best Regards,
The Auction is making a very strong impression on me, as it is going against the current market trend. So, I decided to observe Auction’s chart across different timeframes. On the monthly timeframe, it didn’t give me a clear perspective, as the indicators provided conflicting conclusions.
I then switched to a smaller timeframe, the weekly chart. And everything became very clear here: a bearish divergence is very evident, and the indicators are all in agreement. As you can see, the price is still rising sharply. However, the trading volume is decreasing. The RSI indicator also shows a divergence compared to the price index.
The RSI is currently above 80. Therefore, I will place a Short order and take profits at three price levels as shown on the chart.
I hope my analysis will support my friends. Please manage your risks carefully before entering any trades.
Best Regards,
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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.
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.