SKL short-term break downward
I few days ago I published how a potential breakout might be occurring soon with regard to SKL on the daily chart, but I just wanted to update that there is now a potential short-term break downward instead after revisiting the 4-hour chart.
It looks like after the dip from what looks to be a fake out from the other day, a bearish ascending broadening wedge formed instead (red dotted lines) that now looks to be starting to break downward. There looks to be a bit of resistance at the base of the current descending wedge (bottom red dotted line), but there is potential for a bit more of a dip against BTC in the short term, particularly if further BTC drops persist.
And of course, this is not meant as financial advice and is just my opinion, but please like or comment if you agree or see anything differently.
It looks like after the dip from what looks to be a fake out from the other day, a bearish ascending broadening wedge formed instead (red dotted lines) that now looks to be starting to break downward. There looks to be a bit of resistance at the base of the current descending wedge (bottom red dotted line), but there is potential for a bit more of a dip against BTC in the short term, particularly if further BTC drops persist.
And of course, this is not meant as financial advice and is just my opinion, but please like or comment if you agree or see anything differently.
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