Price has currently been moving quite correctively to the upside.I noticed that there hasnt been any significant impulsive move that could confirm the continuation of the bullish trend,suggesting that price could potentially reverse and start a bearish trend to the downside. I identified multiple corrective structures, indicating that the move to the upside is unsustainable, and in confluence with the macd and rsi, we can see that bullish momentum is decelerating and it seems we could witness the potential formation of a symmetrical triangle pattern. ill be waiting for a brake out to the downside and a possible continuation signal such as a correction(bearish flag)to confirm the move to the downside or just a retest of the broken trendline.
Comment:
it currently seems like price has actually broken to the upside. This occurrence,however, has not in anyway changed my overall directional bias. Following the update of my charts , i have come to see that on the 1h timeframe price has formed an ascending channel structure which suggests a potential reversal to the downside. just currently waiting for a convincing drop,which could be marked by a potential bearish marubozu candlestick close with the indicators showing some significant bearish momentum.