Hi traders as you can see, we had a little bounce due to a engulfing bullish candle, but so many bearish signs have been following:
- Volume decreasing. The volume have been decreasing since the bounce, every day the volume has been lower than the prior candle volume while price has been going up, which is a quite bearish sign, indicating that the bulls are not strong.
- Candles show sentiment of indecision.
- Rising wedge, which is a bearish sign which indicates continuation after a bearish downtrend.
- some people say that it could be a bear flag, that's totally true, which is even more bearish. After a flag formation the price is used to find the bottom.
At this moment I don't see a bull continuation, like I say in other publications, we should wait for a bullish confirmation which indicates us that bull are ready to take action.
- Volume decreasing. The volume have been decreasing since the bounce, every day the volume has been lower than the prior candle volume while price has been going up, which is a quite bearish sign, indicating that the bulls are not strong.
- Candles show sentiment of indecision.
- Rising wedge, which is a bearish sign which indicates continuation after a bearish downtrend.
- some people say that it could be a bear flag, that's totally true, which is even more bearish. After a flag formation the price is used to find the bottom.
At this moment I don't see a bull continuation, like I say in other publications, we should wait for a bullish confirmation which indicates us that bull are ready to take action.