Hello Friends,
If we take a look at the 4 hour chart we can see that we are ranging in a rising channel.
Recently we broke a triangle in that channel with huge movement to the upside. We tried to break through resistance but get rejected. Currently there is a new attempt. If we fail again it looks like a double top and in combination of that rejection of the channel we can have a bearish reaction.
A lot of times when a pattern breaks it gets retested, in this case it didn't happen yet so there is a chance that price will drop to that region. That region is in line with a important FIB level as well.
Good luck,
Happy Trading
If we take a look at the 4 hour chart we can see that we are ranging in a rising channel.
Recently we broke a triangle in that channel with huge movement to the upside. We tried to break through resistance but get rejected. Currently there is a new attempt. If we fail again it looks like a double top and in combination of that rejection of the channel we can have a bearish reaction.
A lot of times when a pattern breaks it gets retested, in this case it didn't happen yet so there is a chance that price will drop to that region. That region is in line with a important FIB level as well.
Good luck,
Happy Trading