Considering the strong bear since many months, that means sellers still there. This setup could potentially be a swing buy, but in a strong selling market like this, we need to be carefull and priviliged short position.
This doesn't mean we cannot buy sometimes like this setup right now.
My prediction :
Market could potentially throwback at the daily pivot point and reverse to finally continue in long position.
For more confirmation, I recommand to wait the break of the blue trendline before take a long position.
Also you can see down there, on the (RSI indicator+Bollinger bands) the confirmation that price is throwbacking right now.
https://www.tradingview.com/chart/mpZKEBGO/
This doesn't mean we cannot buy sometimes like this setup right now.
My prediction :
Market could potentially throwback at the daily pivot point and reverse to finally continue in long position.
For more confirmation, I recommand to wait the break of the blue trendline before take a long position.
Also you can see down there, on the (RSI indicator+Bollinger bands) the confirmation that price is throwbacking right now.
https://www.tradingview.com/chart/mpZKEBGO/