First, we can see the market forming a clear double top, buyers tried twice to push higher, but both attempts failed at the same level.
That’s the first warning sign of buyer exhaustion.
Then, sellers stepped in hard, breaking the neckline with strong bearish momentum.
Volume picked up on the drop, confirming conviction behind the move.
After that, price pulled back for a retest of the neckline, forming a small rounded top right, showing that buyers are no longer confident, and sellers are waiting to get in.
I’m expecting continuation lower, aiming for the next key demand zone below.
That’s the first warning sign of buyer exhaustion.
Then, sellers stepped in hard, breaking the neckline with strong bearish momentum.
Volume picked up on the drop, confirming conviction behind the move.
After that, price pulled back for a retest of the neckline, forming a small rounded top right, showing that buyers are no longer confident, and sellers are waiting to get in.
I’m expecting continuation lower, aiming for the next key demand zone below.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
