Depending on the trajectory chosen to draw your trendlines the price can be said to be forming a falling wedge within a descending channel.
Due to the selling pressure indicated at the top of the daily candle, and the downward action on the Stochastic RSI is indicative that the price will continue to slide down the channel closer to past support near the .236 fib level.
Furthermore the RVI indicates lessening volatility in price as it complete the double top pattern. This lessening momentum and volatility further reinforces the possibility of a bounce off of the psychological support.
Trade safe!
Due to the selling pressure indicated at the top of the daily candle, and the downward action on the Stochastic RSI is indicative that the price will continue to slide down the channel closer to past support near the .236 fib level.
Furthermore the RVI indicates lessening volatility in price as it complete the double top pattern. This lessening momentum and volatility further reinforces the possibility of a bounce off of the psychological support.
Trade safe!
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