The price is moving higher and a resistance has recently turned into a support.
However, we do not believe this price action, for the following reasons:
- There is a significant divergence between the price, which is rising, and the RSI Exhaustion, which is falling
- The RSI Exhaustion is bullish exhausted, meaning that the price doesn’t have too much room to move any higher
- We just got a confirmed top
Even if we are above a support, we see this as a great opportunity.
Of course, if the price will move below the support (hence turning it into a resistance), it’s gonna be a lot better, but we can definitely enter into the trade now considering the analysis above.