Simple short on fading momentum
This is the 4th time price is testing the horizontal level that has been created in a no man's land area if you look in the left.
So my theory is that it should bounce just a little to catch buyers on the wrong side, and then taking out everyone by crashing through the level, and subsequently going lower.
The RSI is showing the same picture. It has already broken the upwards trendline and is likely to retest it before crashing down as mentioned.
We can see that we are in a third distribution after a strong rally, so price is likely to go lower from here.
So my theory is that it should bounce just a little to catch buyers on the wrong side, and then taking out everyone by crashing through the level, and subsequently going lower.
The RSI is showing the same picture. It has already broken the upwards trendline and is likely to retest it before crashing down as mentioned.
We can see that we are in a third distribution after a strong rally, so price is likely to go lower from here.
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