XJO aka ASX is showing a particularly dangerously bearish pattern. Are we gonna see a revit to 5900$ levels ? Are the bulls gonna dump their positions and run? Lets dive into this chart and analyse.
The chart is depicting one of the patterns that is known to be bearish. That patter in a bearish divergence. We have higher highs on price but lower highs on RSI. Shown by 2 blue lines on the chart.
If this plays out where does the TA leaves us? To me 6413$ level will be a place to keep an eye on and if it is broken, 6200$ is the level to watch. I am not short yet and I am waiting for 6500$ to be broken before considering this.
I will keep this post brief as I am still waiting for a few catalyst to happen then I will update you as days go by.
If you like this TA please give a thumbs up. Have a great weekend ahead.
The chart is depicting one of the patterns that is known to be bearish. That patter in a bearish divergence. We have higher highs on price but lower highs on RSI. Shown by 2 blue lines on the chart.
If this plays out where does the TA leaves us? To me 6413$ level will be a place to keep an eye on and if it is broken, 6200$ is the level to watch. I am not short yet and I am waiting for 6500$ to be broken before considering this.
I will keep this post brief as I am still waiting for a few catalyst to happen then I will update you as days go by.
If you like this TA please give a thumbs up. Have a great weekend ahead.