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Looking at our trend timeframe we see price continuing to respect our downtrend with no signs of reversal. Stochastic RSI showing momentum’s in favor of bears with no signs of reversal as well. Last time price was this low was back in December of 2017. Will watch smaller timeframe for entry.
Shifting over to our pattern timeframe we see price also continuing to respect our downtrend with no signs of reversal. Price now looking for support at 2800, a daily close below this level and expect our sell off to continue. However if we see a daily close above 3400 expect a radical push towards the upside. A rejection from 3400 and expect a drop towards our psychological support level at 2000.
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.
