Is this a breakdown or a meltup?

The choice is yours - you can see it any way you like.

The technical features here are:
1. Reducing peaks of squeeze momentum.
2. Recent RSI is below 50.
3. Rejection of 4H ATR line.
4. Large area of consolidation.

Caution: none of the above means that price has to crash. Just to be clear - price could well go to the moon. The technical situation in my assessment (at this time) means greater probability for the south. Probability estimates do not predict how far a movement may go.

This is a set up for a trend-following scenario i.e. high risk to high gain. High risk means high probability of big losses, if you don't know what you're doing if you short this.

Following a trend south means finding a suitable trend that is below the 4H time frame. There is no magic formula to work that out.
Disclaimer: This is not advice or encouragement to trade securities or any asset class. This is not investment advice. Chart positions shown are not suggestions intended to assure you of an advantage. No predictions and no guarantees are supplied or implied. The author trades mostly trend following set ups which has a low win rate of approximately 40%. Heavy losses can be expected if trading live accounts or investing in any asset class. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.

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