Potential new bearish trend forming
Price has broken out of a multi-month range. After falling for several days, price has retraced and is now retesting a zone of former support.
If classic holds true, support should now turn to resistance and price should be hold and then fall from this area.
However, the is looking a little weak and is slopin downwards, so any bearishness may be limited. If price breaks and holds above the 50EMA then it is likely that a new trend is not forming