Key Technical Elements:
1. Bearish Order Block (OB):
• Highlighted around the $1,540 – $1,560 zone.
• A Bearish OB is an area where institutional selling occurred. It acts as a potential supply zone where price is likely to reverse if revisited.
• The yellow circle marks the reaction at the OB and the start of the downtrend.
2. Corrective Structure (Bear Flag):
• Before the major drop, there’s a rising wedge/bear flag pattern, often a continuation signal.
• Price broke down from this structure, confirming bearish momentum.
3. Fibonacci Level:
• 0.820 Fibonacci retracement is shown, indicating a deep retracement before continuation lower.
• This level often acts as strong resistance if the trend is bearish.
4. Projected Move:
• Blue arrows illustrate the projected short-term price path:
• A possible pullback or retracement towards the bearish OB zone ($1,540 – $1,560).
• Followed by a continuation down to the support area around $1,414 – $1,420.
5. Support Zone (Demand Zone):
• Highlighted near $1,414.7.
• This is the target area where price might stall or bounce, especially if it aligns with previous support or high-volume zones.
1. Bearish Order Block (OB):
• Highlighted around the $1,540 – $1,560 zone.
• A Bearish OB is an area where institutional selling occurred. It acts as a potential supply zone where price is likely to reverse if revisited.
• The yellow circle marks the reaction at the OB and the start of the downtrend.
2. Corrective Structure (Bear Flag):
• Before the major drop, there’s a rising wedge/bear flag pattern, often a continuation signal.
• Price broke down from this structure, confirming bearish momentum.
3. Fibonacci Level:
• 0.820 Fibonacci retracement is shown, indicating a deep retracement before continuation lower.
• This level often acts as strong resistance if the trend is bearish.
4. Projected Move:
• Blue arrows illustrate the projected short-term price path:
• A possible pullback or retracement towards the bearish OB zone ($1,540 – $1,560).
• Followed by a continuation down to the support area around $1,414 – $1,420.
5. Support Zone (Demand Zone):
• Highlighted near $1,414.7.
• This is the target area where price might stall or bounce, especially if it aligns with previous support or high-volume zones.
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.
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.