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As you can see from the chart, it just hit a MAJOR resistance line which is a good indication that it will go down based on recent price action but wait till you see confirmation of this prediction, a big mistake most traders have, and I am guilty of this from time-to-time also is jumping the gun too fast before the candlestick finishes its formation so the best advice I have is to never trade mid candle, wait till the close and then make your trade if it is going your way at the close. Always switch back and fourth from time frames, I start my analysis from the top down method meaning starting at 4hr/1hr/30min/15min/5min and look for trends I can spot.
VERDICT:
I believe it will not break resistance and thus a good short opportunity.
As you can see from the chart, it just hit a MAJOR resistance line which is a good indication that it will go down based on recent price action but wait till you see confirmation of this prediction, a big mistake most traders have, and I am guilty of this from time-to-time also is jumping the gun too fast before the candlestick finishes its formation so the best advice I have is to never trade mid candle, wait till the close and then make your trade if it is going your way at the close. Always switch back and fourth from time frames, I start my analysis from the top down method meaning starting at 4hr/1hr/30min/15min/5min and look for trends I can spot.
VERDICT:
I believe it will not break resistance and thus a good short opportunity.