Following a stable and consistent downward run, this instrument has transitioned perfectly with the bottoming phase being proportionate in the lows registered as well as in formation. There was hardly much of a struggle at $16 as price eased its way past this important resistance mark.
The ideal target for this setup would be roughly around $22 however it's very likely that we could see a retest of $16.
Reverse bearish divergence is evident and considering the fact that the uptrend in force wouldn't be classified as dominant as of yet, the downtrend could still play a good part in bring down the price.
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