The long term trend is down. There is no clear bottom formation. Overbought conditions on a shorter time frame, I don’t expect a major rally in the near future. However, we may expect the price to be a little higher only to drop back down.
On the 4 hour chart, I expect the price to move sideways and eventually move lower. MACD and RSI showing a divergence and loss of an uptrend momentum.
Similar to the 4 hour time frame, 1 hour shows a similar pattern.
Summary: In the near future, I do not expect a continuation of a recent rally in the near future. However, there is a possibility for the price to jump a bit higher only to sharply drop back down.
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