In technical analysis, when we see a a lower high, it means that buyers have lost their buying pressure and could not carry the trend higher. This is an indication that sellers have entered the market. From the chart above, we can see that we broke bullish structure on the 13th of May, followed by a higher low = indicating that sellers have entered the market and ready to reverse the trend.
From then on, we can see a series of lower highs and lower lows, taking us back down to the very bottom.
A daily close below $3.60 would open up possibilities of price going below $1 as we have previous structure there.
From then on, we can see a series of lower highs and lower lows, taking us back down to the very bottom.
A daily close below $3.60 would open up possibilities of price going below $1 as we have previous structure there.
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Daily Chart:
