Chart mainly speaks for itself.
Price dropped below rising wedge channel, and is testing support as resistance. Rising wedges are an absolutely bearish pattern, regardless that this wedge isn’t particularly robust. So, price could continue sideways for a bit, but long term will remain bearish.
Price dropped below rising wedge channel, and is testing support as resistance. Rising wedges are an absolutely bearish pattern, regardless that this wedge isn’t particularly robust. So, price could continue sideways for a bit, but long term will remain bearish.
Comment:
Can still go either way, but it appears that red channel is winning.
Comment:
So much gap filling. I suspect for price to drop back into red channel to form a candle wick. Looks like price is ‘Barting’ before next drop towards previous low. A Bart pattern refers to Bart Simpson’s hair style, or sawtooth shaped. It typically appears before a drop, though sometimes before a rise.