TREND CONFIRMATION: There the initial trend was bearish uptrend this is indicated by the 200 EMA and trendline. (YES)
PATTERN INDICATION: This reversal chart pattern emerges as the buying activity declines and the market fails to create new highs, shown by the downward slope with price creating a new LH. Given that support levels become weaker as it gets tested more (price contacts the level).(YES)
ENTRY POINT: Given that support levels become weaker as it gets tested more (price contacts the level). so we're looking for a breakout of this flat support level, though, the breakout candle ( the candle that breaks below the level) MUST close below the flat support line. (PENNDING)
*we shall confirm the breakout by using the Chaikin money flow indicator (CMF), which confirms the supply-demand imbalance. so far the CMF seems to be below the zero line longer during the descending triangle reversal, as the horizontal line aligned with the CMF has bee below the zero line before breaking structure, making a LH. (YES)
PATTERN INDICATION: This reversal chart pattern emerges as the buying activity declines and the market fails to create new highs, shown by the downward slope with price creating a new LH. Given that support levels become weaker as it gets tested more (price contacts the level).(YES)
ENTRY POINT: Given that support levels become weaker as it gets tested more (price contacts the level). so we're looking for a breakout of this flat support level, though, the breakout candle ( the candle that breaks below the level) MUST close below the flat support line. (PENNDING)
*we shall confirm the breakout by using the Chaikin money flow indicator (CMF), which confirms the supply-demand imbalance. so far the CMF seems to be below the zero line longer during the descending triangle reversal, as the horizontal line aligned with the CMF has bee below the zero line before breaking structure, making a LH. (YES)