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Looking at our trend timeframe we see price continuing to respect our downtrend behavior, stochastic rsi showing momentum is in favor of bears. Resistance found at 1500, THETA has bounced off our dynamic support at 1360. Will watch smaller timeframe for entry.
Shifting over to our pattern timeframe we see price has been stuck in confiscation between 1300 and 1500 for almost 2 months. Price now looking to make a break towards the downside, stochastic rsi showing momentum is shifting in favor of bears. A daily close above 1500 activates our trade, a daily close below 1300 and expect our sell off to continue towards 1000.
Conclusion
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Disclaimer: I am not a financial advisor nor am I giving financial advice. I am sharing my biased opinion based off speculation. You should not take my opinion as financial advice. You should always do your research before making any investment. You should also understand the risks of investing. This is all speculative based investing.
