Market is very bullish as price reached an impressive rsi of over 90! From a monthly sv as a right rsi bottom leg breaking the rsi descending channel giving the high of 91 rsi !
This power on the chart broke the range and price is moving faster than the rsi which means the trend up is still intact n price is just overextended! - too many buyers ! So they want to chase them out! As price is dropping the rsi is wedging and now is moving sideways below 30.. we can expect a breakout n buy positive bullish divergence and the formation of an rsi right inverted hs , shoulder as long as the sv is tested If so so but not broken
This power on the chart broke the range and price is moving faster than the rsi which means the trend up is still intact n price is just overextended! - too many buyers ! So they want to chase them out! As price is dropping the rsi is wedging and now is moving sideways below 30.. we can expect a breakout n buy positive bullish divergence and the formation of an rsi right inverted hs , shoulder as long as the sv is tested If so so but not broken
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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.