In this chart we can see almost 3 months of downtrend.
Each overbought phase leaded to a strong sell with a 23% retracement.
RSI Trend moreover shows stronger oversold phases suggesting that there is still no bear exaustion on play.
In the last month price bounced strong and stronger from the 7.8k level forming some kind of rising top structure. Based on this structure and RSI conditions, i consider safe open a short in overbought conditions after a rejection of the 8.4-8.5k level. A partial rise in this condition would be interpreted as a sign of weakness enhancing a progressive sell targeting an oversold situation.
If it break above this level a long probability increase dramatically.
BIO
Each overbought phase leaded to a strong sell with a 23% retracement.
RSI Trend moreover shows stronger oversold phases suggesting that there is still no bear exaustion on play.
In the last month price bounced strong and stronger from the 7.8k level forming some kind of rising top structure. Based on this structure and RSI conditions, i consider safe open a short in overbought conditions after a rejection of the 8.4-8.5k level. A partial rise in this condition would be interpreted as a sign of weakness enhancing a progressive sell targeting an oversold situation.
If it break above this level a long probability increase dramatically.
BIO