The price seems to be starting to form a bearish flag
, it is still in its early stages, it should give us an idea within a couple of hours if the price is forming a bearish flag
or not. The price had recently dropped a lot, this had cause the RSI
to move into an area of being oversold. The price is currently in a period of consolidation, this would allow the RSI
to position itself, A careful eye needs to be kept on the price, as it is very likely that the price would break out within the coming hours. The price is much more likely to break out the bottom of this flag confirming a continuation of the downward trend.