Technical Analysis
The RSI indicator recently reached oversold levels, suggesting strong downward pressure. Currently, RSI is testing a descending resistance trendline, which has previously acted as a dynamic ceiling for momentum.
Given this setup, there is a higher probability that the price may continue to move lower, especially if RSI gets rejected at this trendline once again. Traders should watch for confirmation signals before entering any short positions.
The RSI indicator recently reached oversold levels, suggesting strong downward pressure. Currently, RSI is testing a descending resistance trendline, which has previously acted as a dynamic ceiling for momentum.
Given this setup, there is a higher probability that the price may continue to move lower, especially if RSI gets rejected at this trendline once again. Traders should watch for confirmation signals before entering any short positions.
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.