On the above 4 day chart price action has risen 800% since last October. A number of reasons now exist to be short, including:
1) Price action support has failed.
2) Regular bearish divergence. This negative divergence can also be found on the BTC pair of the token (below).
3) Price action is following the Gaussian channel after a strong rally as shown on the daily chart below. This is bearish. If you notice price action entering the channel it is very likely to test the lower side of the channel, currently a 40% correction away.
Is it possible price action continues up? Sure. Is it probable? No
@syin08, It is not the channel that offers support, it is price action. That is what the channel is showing, where support and resistance is. Once price action enters the channel there is a high probability of price action tests the lower side of the channel before exiting. Look left.
Daily
syin08
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If you look at the weekly sRSI, it’s going that way with great force.