Here we have one of the best performing assets this year coming into an RSI support zone and a trend line stretching all the way back to February.
The last time we came close to this line was mid August, which was a setup for bullish trend continuation. While there is some evidence of a reversal, such as lower highs and lower lows, it would be premature to call an end to this uptrend without more evidence.
No need to sell dollars down here at such a weak point. If this is truly a trend reversal, then there will be a chance to sell into strength rather than weakness.
I am waiting for a trend continuation here as my first scenario. Even if we break this trend line it would just be super fun anyways because we would see rallies in most assets.
The last time we came close to this line was mid August, which was a setup for bullish trend continuation. While there is some evidence of a reversal, such as lower highs and lower lows, it would be premature to call an end to this uptrend without more evidence.
No need to sell dollars down here at such a weak point. If this is truly a trend reversal, then there will be a chance to sell into strength rather than weakness.
I am waiting for a trend continuation here as my first scenario. Even if we break this trend line it would just be super fun anyways because we would see rallies in most assets.