Head and shoulders forming
I tend to dislike this overused pattern but it's hard to ignore when the warning signs are there, and boy are they there both technically and fundamentally right now.
We're wedged between a strong resistance at $562 - $570 and a strong support at $540. There was a piercing of the $540 level yesterday but it was defended nicely. Unfortunately, volume dropped off for the rally back up when it's exactly what is needed to break the resistance.
With CSW currently on a twitter rampage and threatening to choke the BCH network of all transactions following the hard fork on Nov 15th, whether there's anything behind his words or not, this could be what it takes to scare traders in this currently overall low volume market.
A close below $540 on the 2 hour chart will be a strong signal to short, although I'll be getting a rather itchy trigger finger in the support regions from $280 - $400 should this play out.
We're wedged between a strong resistance at $562 - $570 and a strong support at $540. There was a piercing of the $540 level yesterday but it was defended nicely. Unfortunately, volume dropped off for the rally back up when it's exactly what is needed to break the resistance.
With CSW currently on a twitter rampage and threatening to choke the BCH network of all transactions following the hard fork on Nov 15th, whether there's anything behind his words or not, this could be what it takes to scare traders in this currently overall low volume market.
A close below $540 on the 2 hour chart will be a strong signal to short, although I'll be getting a rather itchy trigger finger in the support regions from $280 - $400 should this play out.
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