We’ve been waiting for a breakout above $2,900, but price action has been weak and lacking enough volume for a break on the upside.
Due to all the bearish indicators, we’re expecting a retest of support between the $2,200 - $2,000 area. If it doesn’t hold, we can see a push further to $1,800.
4h Chart
(1) Ichimoku laggard line has touched on a down trend with the price action
(2) Death cross between the 13EMA and 21MA
(3) Death cross in the Stoch RSI
(4) Starting downtrend momentum in the TTM Squeeze
Daily Chart
(1) Ichimoku laggard line hasn’t touched yet price action. When it does, could mean that price doesn’t wants to keep going down. Depending on volume that could take between 3-8 days.
(2) 13EMA and 21MA are neutral, waiting for direction
(3) Death cross in the Stoch RSI on the overbought area
(4) TTM Squeeze showing weakness of bear momentum. We would need increasing momentum above the zero line to indicate an opportunity to purchase long.
Due to all the bearish indicators, we’re expecting a retest of support between the $2,200 - $2,000 area. If it doesn’t hold, we can see a push further to $1,800.
4h Chart
(1) Ichimoku laggard line has touched on a down trend with the price action
(2) Death cross between the 13EMA and 21MA
(3) Death cross in the Stoch RSI
(4) Starting downtrend momentum in the TTM Squeeze
Daily Chart
(1) Ichimoku laggard line hasn’t touched yet price action. When it does, could mean that price doesn’t wants to keep going down. Depending on volume that could take between 3-8 days.
(2) 13EMA and 21MA are neutral, waiting for direction
(3) Death cross in the Stoch RSI on the overbought area
(4) TTM Squeeze showing weakness of bear momentum. We would need increasing momentum above the zero line to indicate an opportunity to purchase long.
Trade closed: target reached:
Yesterday the dip broke down the previous resistance in the $2000-$1900 area and reached $1,855
