The price has been moving up mildly since July 19th. No steep slope, no too many crazy candles. But now, we got a crazy candle here on August 2nd. I would say, this is a “warning”. It seems like the price says things like “hi, pay attention to me please”.
Now, let’s see the signals.
The MACD is going down and forms a downward trend, however, the price itself seems still in an upward trend. So, this is a divergence, and I would like to go with the MACD. A bearish signal is confirmed.
The RSI is at 62.23, which is high.
What else do we have? A chart pattern. The price is already in a rising wedge and a clear path forms here, which give me more confidence of bearish.
Now, let’s expect the price to go down soon.
Now, let’s see the signals.
The MACD is going down and forms a downward trend, however, the price itself seems still in an upward trend. So, this is a divergence, and I would like to go with the MACD. A bearish signal is confirmed.
The RSI is at 62.23, which is high.
What else do we have? A chart pattern. The price is already in a rising wedge and a clear path forms here, which give me more confidence of bearish.
Now, let’s expect the price to go down soon.
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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.