This is a pure technical thesis: For almost two years we have stayed in a long term downtrend, 9 attempted breakouts failed over the course of this period. From a purely technical standpoint ignoring longer term fundamental news, the odds of a failed breakout above this level are 9/10. Nothing has invalidated the trend as of this point, we are trading with the trend here. I also noted divergence across multiple indicators, a slowing of bullish momentum, and averages that all are pointing downwards. RSI is posed for a classic death cross from the overbought zone on the daily chart. With all of this being said I noted a higher imbalance that while miniscule will still be accounted for. I have marked two different short term route predictions I believe price will follow starting at open on Monday. One predicts price follows the trend like a puppy, while the other takes into account a possible imbalance filling / liquidity grab.
Overall outlook for the next few weeks is Bearish.
Hope you enjoyed my analysis,
-JJ
Overall outlook for the next few weeks is Bearish.
Hope you enjoyed my analysis,
-JJ