Description
⋅ Local top on OCEAN/USD
Reasons:
1) bearish divergence at RSI 70
2) CMF crossing zero line
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⋅ 3) rising wedge
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⋅ Drilling down into the 6H chart, we can see more clearly what's happening.
Momentum waning, CMF clearly aiming to cross below Zero line.
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⋅ Backtest with weak momentum, still short:
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⋅ Drilling down into 6H
1) successful backtest
2) momentum looking weaker than before