Looking at our trend timeframe we see price has came up to 28000 to test for resistance, and has since been retracing towards the downside. Stochastic RSI showing momentum in favor of the bears, next major support level at 15000. Expecting KMD to fall to 18000 at the bare minimum because of last week’s wick needed to be filled.
Shifting over to our pattern timeframe we see price respecting a bearish parallel channel, now looking to find support at the bottom of our channel. Stochastic RSI showing momentum has peaked and we should see momentum temporarily head towards the downside.
