As it can be seen from the setup, the price has formed a powerful “M” pattern, or in other words, a Double Top, which indicates that a potential reversal might happen. The price is currently located at an important level of support. We are expecting for the price to pierce through the local key zone and retest it, before we can open short positions and aim for the uptrending trendline which is shown on the chart.
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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.