(Really wish there was an option to share charts of different timeframes)
Howdy folks:
- Bullish trend's market structure was recently broken and now we're looking at a bearish market
- Daily chart shows substantial bearish momentum
- H4 chart exemplified two head and shoulders that were sort of meshed together
- H1 chart also shows strong bearish momentum
Notably, price bounced on the 78.6 short-term Fib level and has now been in a very calm state.
My take on this is either:
1) It'll reach 78.6 and its two other obstacles. Namely, a demand zone and daily sup/res zone.
2) It'll break through all of that and reach 38.2 at which we can observe its potential actions
3) Or it'll reverse any second now as I can see a doji forming
Howdy folks:
- Bullish trend's market structure was recently broken and now we're looking at a bearish market
- Daily chart shows substantial bearish momentum
- H4 chart exemplified two head and shoulders that were sort of meshed together
- H1 chart also shows strong bearish momentum
Notably, price bounced on the 78.6 short-term Fib level and has now been in a very calm state.
My take on this is either:
1) It'll reach 78.6 and its two other obstacles. Namely, a demand zone and daily sup/res zone.
2) It'll break through all of that and reach 38.2 at which we can observe its potential actions
3) Or it'll reverse any second now as I can see a doji forming
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.