2 hour double top with non true divergence - SHORT SAND

Sand has formed a double top at around $4 with a 12 point decrease in the RSI on the 2 hour time frame. That it's recovered to nearly it's previous local ATH with a huge decrease in momentum is a big indication it's due for another significant pullback in my opinion. The 4 hour chart shows a similar pattern giving further strength to this assessment. My belief is the recovery is a sympathy bounce to MANA's rise since these 2 often trade semi-correlated, but that's speculation.

It's 24 hour low is around 3.66 (lining up exactly with the .382 FIB), which would be an easy target to expect a retest of.

More aggressive targets:
.5 FIB : 3.52
1 hour Support: 3.49
.618 FIB: 3.39
1 hour Support: 3.3

Hugely aggressive targets:
.764 FIB: 3.23
.88 FIB: 3.10

Giao dịch đang hoạt động:

Further confirmation with the recent bounce above 4.10 to print a true divergence of 6 points on the 2 hour and 5 points on the 4 hour.