Gargantouan Bearish Engulfing Candle produced today with the highest volume this market has seen in two years.
This market had recently broken above the 90 days highs. After recurrent tests of resistance in higher volume, the aggressive uptrend was set in motion.
Today, the price hit a key level. A heavy downtrend had sprouted from this level back in September 2022, disclosing an area where the bears are sitting. That same area turns out to be the key $1 psychological level.
Upon touching this level, this massive red candle was formed.
This candle means that this market is under the domain of the bears now. If you're still holding a long position, perhaps this is a good time to consider taking profits. If you missed the rally, stay away from this market, at least until the price breaks and closes above this $1 level.
Cheers,
Tenacious Tribe
This market had recently broken above the 90 days highs. After recurrent tests of resistance in higher volume, the aggressive uptrend was set in motion.
Today, the price hit a key level. A heavy downtrend had sprouted from this level back in September 2022, disclosing an area where the bears are sitting. That same area turns out to be the key $1 psychological level.
Upon touching this level, this massive red candle was formed.
This candle means that this market is under the domain of the bears now. If you're still holding a long position, perhaps this is a good time to consider taking profits. If you missed the rally, stay away from this market, at least until the price breaks and closes above this $1 level.
Cheers,
Tenacious Tribe