As you can see in the chart we have reached to a key area which has acted as support and resistance multiple times in both daily and weekly timeframe, having a look at price action we see price losing momentum, as well as obvious divergence in RSI which is giving us lower highs, plus there is this rising wedge giving us a signal of bearish breakout happening soon.
Other than the reasons above the price is almost hitting top of its current channel.
Based on my analysis I believe price is gonna come back to its previous strong support area which basically is a previous key area as well as having both EMA50 and EMA100 together as support, we will then need to see how the support is reacting.
NOT FINANCIAL ADVISE
Other than the reasons above the price is almost hitting top of its current channel.
Based on my analysis I believe price is gonna come back to its previous strong support area which basically is a previous key area as well as having both EMA50 and EMA100 together as support, we will then need to see how the support is reacting.
NOT FINANCIAL ADVISE