After completing an inverse Head and Shoulder pattern, the pair is facing multiple rejections from the resistance area where the price is currently sitting.
I'm expecting the pair to drop towards the lower trendline as 4h and 1h charts' RSI are showing an overbought market, and also, previous Elliot Waves have been completed so we might see a market transition.
If it comes down to the trendline, there could be a possible breakout as it would be the 4th touch on the trendline, when price usually breaks structures.
To be in the safe side, I will enter on a sell if price moves down and gets out of my resistance area.
I'm expecting the pair to drop towards the lower trendline as 4h and 1h charts' RSI are showing an overbought market, and also, previous Elliot Waves have been completed so we might see a market transition.
If it comes down to the trendline, there could be a possible breakout as it would be the 4th touch on the trendline, when price usually breaks structures.
To be in the safe side, I will enter on a sell if price moves down and gets out of my resistance area.