We have a busted head and shoulders. Price is about to test the shoulder which will confirm a short-term bullish reversal of the downtrending resistance (upper yellow line).
I expect the shoulder retest to fail, because by the time we will be around that height, we will have a bearish hidden divergence on the RSI.
the TD1 here is supposed to be a TD9 buy setup - it flipped because
1)people bought into it and
2) we bounced off support
Expect this support to be retested and possible fail soon, sending us to 12k.
I expect the shoulder retest to fail, because by the time we will be around that height, we will have a bearish hidden divergence on the RSI.
the TD1 here is supposed to be a TD9 buy setup - it flipped because
1)people bought into it and
2) we bounced off support
Expect this support to be retested and possible fail soon, sending us to 12k.
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.
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.