Failed To Hold Support Again
- As expected we broke the channel within the channel.
- Looks like we found support on the bottom line of the bigger channel. Crucial that this support holds.
- I assume that we will see a price drop again if we fail to get back into the channel.
Short Term View: BEARISH
- Redrew the channels now that we have more data.
- The direction is looking clearer now and unfortunately we can see some bearish divergences
- RSI is losing strength while the price is slowly moving up.
- There are just too many resistance factors that makes me strongly believe that we will see another price drop.
- I will be looking to short at the green boxes
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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.