A strong possibility of a Head and Shoulders pattern happening on the Daily Time Frame.
There is no such things as 100% wins. Always proceed with caution and conduct your own analysis.
*Not Financial advice*
I believe we are seeing the completion of the first wave. Watch for price to fill the gap made on May 11, 2021 before heading down to the demand zone. On the 4hour time frame we have identified a possible head and shoulder pattern to further back price becoming bearish, as well as the gap created on April 26, 2021 still has not been filled. The trendline angle...
The bullish trendline was broken at $51.32. The daily trendline angle is at 11 degrees which is another indication that the bullish trend is loosing steam. Price looks to be testing the equilibrium price to fill a gap from May 5th 2021 before dropping to fill the price gap from Nov 4th 2020.
If price breaks the supply level at $61.36 then wait for price to...
Technical: Price has failed to close and been rejected twice at the 250 level. We see a nice possible bottom forming at our demand zone. The daily RSI is showing at 34, indicating a over-sold signal.
If price closes and breaks the 250 level. We would then look for a retest to confirm a new resistance level.
There is no such things as 100% wins. Always...
