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Zilusdt

Downward pressure to continue for now - but bullish overallAlthough we are experiencing a period of downward pressure in the near term group, the overall sentiment remains bullish. We could see another move to begin the formation of the next higher high during the next 2d candle or the following one. Mid Term group of timeframes (5d, 6d, 9d, 12d), the Green is also higher than the Energy indicating bullish sentiment throughout the group. In the short term group of timeframes ( 90m, 3h, 6h, 12h) the Energy is higher than the Green EMA in the 3h and 6h indicating bearish sentiment. In the 90m the Red RSI has closed making contact with the Green EMA as it falls also indicating bearish sentiment. We are also at the risk in the 90m of the Blue LSMA crossing below 50, it has already turned down and if continuing we can expect the Bollinger Bands to expand and the price action continue down between the Aqua/Orange lower BBs, particularly if the Red RSI also continues down below 50. We also see a similar position in the 3h with the Red RSI and the Blue LSMA both currently below 50 and the Red RSI making contact with the Green EMA as it falls. If we close like this in 3m the Energy will drop below 50 and the price action will continue between the Aqua/Orange lower BBs potentially wicking down to the Red lower BB. The Red RSI and Blue LSMA have both crossed below 50 in concert in the 12h with the Red RSI simultaneously making a bearish cross below the Blue LSMA. We also have a downward pressure race between the Energy in the 12h and the Red RSI in the daily. When the Red RSI fell below 50 in the 12h a downward pressure race was triggered. In order for upward pressure to resume, we first need to see the Energy in the daily CLOSE above 50 in the 12h before the Red RSI in the daily CROSSES below 50. If the Energy does win the race, we need to see the Green MA higher than the Energy in at least the three preceding halved timeframes from the timeframe in which the race was triggered. If the Red RSI wins we then have a race between the Energy in the daily and the Red RSI in the 2d etc. This downward pressure race has cascaded up from lower TFs. Until the Energy decisively wins the race, we do not have a chance for reversal to upward pressure in the relevant timeframes. It looks like the Red RSI in the daily is favourite to win the race meaning a continuation of downward pressure for now. I'm going to mark this neutral for now as even though we are in a local period of downward pressure and bearish sentiment in the short term timeframes, we are bullish in the near term and mid term timeframes. Just to point out that downward pressure does not necessarily mean significant downward price action, but sideways at best, downwards at worst (depending on your perspective) As mentioned in previous publications, these markets can change with very little notice. These changes initially manifest themselves in the lower timeframes and propagate up through the timeframes. Nothing is set in stone. Unless you are day trading, you cannot benefit from these early warning signals. As always - this is not financial advice but just my view of current market dynamics. One has to be aware that analyses are done on the basis of what the indicators are saying at the time and things can change. It is important to always monitor the scalping group of timeframes as we will see changes propagate up from there. If you got value from this analysis, please hit the like button Trade safe aBL Short term group of timeframes
by aBitLong