It is a very good example, which explains how to trade against the main trend.
The price reached the upper line of the price channel. We got a trend reversal signal based on a bearish divergence. RSI is bearish, MACD supports a possible downward movement.
If the price breaks the local uptrend line, it will confirm the downward movement. The market will be able to correct the previous strong upward movement and reach the zone between SMA100 and the weekly uptrend line. This zone will be good for buying based on confirmed reversal signals.
The price reached the upper line of the price channel. We got a trend reversal signal based on a bearish divergence. RSI is bearish, MACD supports a possible downward movement.
If the price breaks the local uptrend line, it will confirm the downward movement. The market will be able to correct the previous strong upward movement and reach the zone between SMA100 and the weekly uptrend line. This zone will be good for buying based on confirmed reversal signals.
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💰COPY MY TRADES FOR FREE! Join 👉 bit.ly/41DKDBD
📣 Get Welcome Bonuses for 1st Trade 👉 bit.ly/bonus_bybit
💎 Share My BEST Trades here 👉 bit.ly/wubits
📣 Get Welcome Bonuses for 1st Trade 👉 bit.ly/bonus_bybit
💎 Share My BEST Trades here 👉 bit.ly/wubits
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.