Possible Double-top Reversal
Be aware of a possible double-top formation on the 4hr chart. The Stochastic RSI appears to be losing momentum, and on the way down....at least to the bottom of this channel. Where it goes after that we have to wait and see.
Heavy resistance was met at the trend line back from June of 2019. This, coupled with resistance at the 200 Day MA appears to be a possible reversal of the trend.
Today's big move up could be a bull trap unless price moves up above these resistances.
In my opinion, a move down is more probable than a move up from here.
Heavy resistance was met at the trend line back from June of 2019. This, coupled with resistance at the 200 Day MA appears to be a possible reversal of the trend.
Today's big move up could be a bull trap unless price moves up above these resistances.
In my opinion, a move down is more probable than a move up from here.
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