➡️ Price attempted a breakout from longer term gray descending trendline, but was held by strong green resistance, so it became a fakeout.
➡️ Price also broke down from minor blue resistance and ascending trendlines.
➡️ I had labeled the early July low as blue wave 5, but that is up for discussion, due to the lack of bullish follow-up and RSI divergence. We could still see another lower low (5?).
➡️ Current bias is definitely bearish, since there are no indications that the downtrend has finished.
➡️ Price also broke down from minor blue resistance and ascending trendlines.
➡️ I had labeled the early July low as blue wave 5, but that is up for discussion, due to the lack of bullish follow-up and RSI divergence. We could still see another lower low (5?).
➡️ Current bias is definitely bearish, since there are no indications that the downtrend has finished.
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📈 Experienced Crypto trader
👍 Simple, actionable content
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🧠 Trading psychology hacks
🎖️ Premium VIP Discord Server ($4.99/mth for a limited time - check link below)
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👍 Simple, actionable content
🌊 Elliott Wave junkie
🧠 Trading psychology hacks
🎖️ Premium VIP Discord Server ($4.99/mth for a limited time - check link below)
linktr.ee/stoic.trader
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.