This is not an asset I would want to be buying here. There's several red flags in the chart.
#1 Declining volume. While the price is going up, the volume has been dropping off. This shows less and less participation as the price goes higher, not a sign of strength.
#2 Hidden bearish divergence up to the 3 day timeframe. You have price making LOWER highs while RSI is making HIGHER highs. Yet another sign of weakness.
#3 This one is extremely simple, lower highs and lower lows. This is the easiest way to see what the big money is doing. This market is not in an uptrend anymore, it's clearly in a downtrend with LH and LL. To follow what the big money is doing you need to sell the rallys and take profit on lower lows.
#4 Death crossed on 1 day and 2 day timeframe. This is an powerful signal that shows the long term uptrend has changed to a bearish trend. As the saying goes, "the trend is your friend until the end of the trend".
#1 Declining volume. While the price is going up, the volume has been dropping off. This shows less and less participation as the price goes higher, not a sign of strength.
#2 Hidden bearish divergence up to the 3 day timeframe. You have price making LOWER highs while RSI is making HIGHER highs. Yet another sign of weakness.
#3 This one is extremely simple, lower highs and lower lows. This is the easiest way to see what the big money is doing. This market is not in an uptrend anymore, it's clearly in a downtrend with LH and LL. To follow what the big money is doing you need to sell the rallys and take profit on lower lows.
#4 Death crossed on 1 day and 2 day timeframe. This is an powerful signal that shows the long term uptrend has changed to a bearish trend. As the saying goes, "the trend is your friend until the end of the trend".