Potential for a correction or complete turnaround is upon us. Looking at the daily chart we can see we've pierced the top trend of the ascending wedge, but I wouldn't put too much stock in that until bar closure and continued growth. Especially since there is a clear bearish divergence (in pink) on the Stoch RSI. I've included the previous divergence from the double top at 11k for comparison, and the bullish divergence (in green) that was one indication of the current reversal.
Looking closer at the 1hr chart, we see a clearer bearish divergence on both the Stoch RSI and RSI. For anyone day trading, now looks like a good time to short with a target of 9.2k.
Looking closer at the 1hr chart, we see a clearer bearish divergence on both the Stoch RSI and RSI. For anyone day trading, now looks like a good time to short with a target of 9.2k.