Hi ,
A strong SUPPORT @ $3141 created , Strong RESISTANCE @ $3407 and a MINOR RESISTANCE ZONE @ $3357.
There's STRONG VOLATILITY with Sharp MOVEMENTS , on 6th May we saw a noticable PRICE SPIKE , followed by a steep DECLINE , which was indicating MOMENTUM SHIFT.
The recent Movements suggests STRONG BEARISH MOVE, with lot's of SELLING PRESSURE.
There were suggestions of BULLISH MOMENTUM in the EARLIER PHASE, the SHARP REVERSAL on 6th MAY features Consecutive RED CANDLESTICKS , signaling BEARISH CONTROL.
The latest candlesticks suggests a SMALL RECOVERY , hinting a possible CONSOLIDATION.
KEY ZONES IDENTIFIED EARLIER :-
1. The PRICE has broken below SUPPORT around $3341 , confirming a DOWNTREND.
KEY TAKEWAYS.
The charts reflects HIGH VOLATILITY and RECENT BEARISH SHIFT meaning we are ALL BEARISH. If the MOMENTUM remains strong , the DOWNTREND will come in PLAY but keep in MIND there should be A CONSOLIDATION PHASE , which should lead to stabilization before we start the MELTDOWN.
Approaching Support level of 3,298.60 identified at 5/8 09:00. This pattern is still in the process of forming. Possible bearish price movement towards the support 3,298.60 within the next 1 day. we are all BEARISH until PROVEN otherwise.
Until then wish you all an amazing TRADING DAY.
A strong SUPPORT @ $3141 created , Strong RESISTANCE @ $3407 and a MINOR RESISTANCE ZONE @ $3357.
There's STRONG VOLATILITY with Sharp MOVEMENTS , on 6th May we saw a noticable PRICE SPIKE , followed by a steep DECLINE , which was indicating MOMENTUM SHIFT.
The recent Movements suggests STRONG BEARISH MOVE, with lot's of SELLING PRESSURE.
There were suggestions of BULLISH MOMENTUM in the EARLIER PHASE, the SHARP REVERSAL on 6th MAY features Consecutive RED CANDLESTICKS , signaling BEARISH CONTROL.
The latest candlesticks suggests a SMALL RECOVERY , hinting a possible CONSOLIDATION.
KEY ZONES IDENTIFIED EARLIER :-
1. The PRICE has broken below SUPPORT around $3341 , confirming a DOWNTREND.
KEY TAKEWAYS.
The charts reflects HIGH VOLATILITY and RECENT BEARISH SHIFT meaning we are ALL BEARISH. If the MOMENTUM remains strong , the DOWNTREND will come in PLAY but keep in MIND there should be A CONSOLIDATION PHASE , which should lead to stabilization before we start the MELTDOWN.
Approaching Support level of 3,298.60 identified at 5/8 09:00. This pattern is still in the process of forming. Possible bearish price movement towards the support 3,298.60 within the next 1 day. we are all BEARISH until PROVEN otherwise.
Until then wish you all an amazing TRADING DAY.
Note
GEAR UP guys we are about to have our minor MELTDOWN , the formation is taking shape, we should have our ride down , but please dont just enter the trades , wait for breakout , then retesting and have your entries.Trade active
bye bye BULLS , BEARS have you GEARED UP for the MELTDOWN .......
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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.