This is a counter-trend trade as I see exhaustion on the daily timeframe.
Daily Timeframe:
I plotted an ascending trendline on the daily timeframe. Price attempted to push to a new high on August 20th, but failed to hold. That was the first indication that the uptrend might be over.
The signal occurred when price crossed below the ascending trendline. Currently, the daily bar is active. If the current bar manages to close below the ascending trendline and tomorrow's daily bar does the same, it's safe to say that we can expect further downside.
H4 Timeframe
The bearish signal is also supported on the 4-hour timeframe. In the intraday timeframe, price made a "double top" indicating that it's not able to push higher to the upside. I'm anticipating that momentum will build up throughout the rest of the day and into tomorrow as well.
Daily Timeframe:
I plotted an ascending trendline on the daily timeframe. Price attempted to push to a new high on August 20th, but failed to hold. That was the first indication that the uptrend might be over.
The signal occurred when price crossed below the ascending trendline. Currently, the daily bar is active. If the current bar manages to close below the ascending trendline and tomorrow's daily bar does the same, it's safe to say that we can expect further downside.
H4 Timeframe
The bearish signal is also supported on the 4-hour timeframe. In the intraday timeframe, price made a "double top" indicating that it's not able to push higher to the upside. I'm anticipating that momentum will build up throughout the rest of the day and into tomorrow as well.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.