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Looking at our trend timeframe we see price continuing to respect our downtrend, stochastic rsi showing momentum is in favor of bulls. Dynamic resistance being tested at 3500, followed by our dynamic support at 2300. Will watch smaller timeframe for entry, last time we were at this price was back in August.
Shifting over to our pattern timeframe we see price is stuck in consolidation between 3000 and 3200. Stochastic RSI showing momentum is in favor of bears, a daily close above 3200 activates our trade. Expecting price to sell off towards 2000 before we see a daily close above 3200.
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.
