Classic Throwback in the Works?
Been awhile since I did anything significant. Somewhat small update here.
Blue: Gigantic bear pennant that we broke down from. We're almost perfectly in the progress of confirming the former support there as resistance, which would signify a classic throwback; throwbacks are fairly common with large formations to really confirm a breakdown. This resistance also has confluence here with a high volume node on VPVR (neon green line). In dotted yellow, we can see a trend of RSI increasing steeply as price decreases very slightly across a few (very) local highs (with the current one only now forming), forming shades of a hidden bearish divergence, though maybe not a terribly strong signal given the price has been a bit choppy. Still, filing it under confluence.
Overall, fairly good r/r for selling here (CAVEAT: imo, where my opinion is just some random dude on the internetz) since you can have tight stops above the resistance with enough room to guard against a fakeout.
Blue: Gigantic bear pennant that we broke down from. We're almost perfectly in the progress of confirming the former support there as resistance, which would signify a classic throwback; throwbacks are fairly common with large formations to really confirm a breakdown. This resistance also has confluence here with a high volume node on VPVR (neon green line). In dotted yellow, we can see a trend of RSI increasing steeply as price decreases very slightly across a few (very) local highs (with the current one only now forming), forming shades of a hidden bearish divergence, though maybe not a terribly strong signal given the price has been a bit choppy. Still, filing it under confluence.
Overall, fairly good r/r for selling here (CAVEAT: imo, where my opinion is just some random dude on the internetz) since you can have tight stops above the resistance with enough room to guard against a fakeout.
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