Reasoning:
-Bearish divergence on the RSI.
-Low volume, bulls were unable to break this resistance twice on higher volume.
-Was unable to sustain the break above the top of the ascending triangle and price quickly crashed below 11400.
-Overall bearish trend and strong resistance area.
I am expecting the ascending triangle to break down and result in a retest of the double bottom at 10k
Set stop loss above 11600.
TP1 10300
TP2 9300
TP3 8200
-Bearish divergence on the RSI.
-Low volume, bulls were unable to break this resistance twice on higher volume.
-Was unable to sustain the break above the top of the ascending triangle and price quickly crashed below 11400.
-Overall bearish trend and strong resistance area.
I am expecting the ascending triangle to break down and result in a retest of the double bottom at 10k
Set stop loss above 11600.
TP1 10300
TP2 9300
TP3 8200
Trade active
Trade closed: target reached