As you can witness, We broke out of the daily ascending structure with momentum. Given that we are on a massive resistance area right now, this could be a mid-term bearish reversal (pay attention to RSI bearish divergence).
However, considering that RSI is oversold right now, We may have a consolidation period for a couple of weeks (and a pullback to the broken structure bottom). So keep an eye on the lower time frames like 4H for potential confirmation patterns and short entry in the coming days.
Thanks for your attention!
However, considering that RSI is oversold right now, We may have a consolidation period for a couple of weeks (and a pullback to the broken structure bottom). So keep an eye on the lower time frames like 4H for potential confirmation patterns and short entry in the coming days.
Thanks for your attention!