Imbalances from the swing low at 1.3431 have been mitigated for the most part leaving resting liquidity above the equal daily highs to be taken before a decisive move down towards the 2hr order block below the daily equal lows. Therefore I am anticipating price to break the equal daily highs before a move down to sweep liquidity below equal daily lows.
Price has returned to a critical area of resistance on the chart. After creating a significant low at $49500, our bias is still short until we see market structure reveal otherwise. We are anticipating price to move into the 51000 - 51150 zone and retrace. Upon exit back to the downside of the zone a short order will be entered. Unfortunately I couldn't post...
This idea was first conceived on the 24th of December after noticing price reach a significant ATH on the 1hr. Price failed to trade above the the 1hr OB and then proceeded to retrace. A 1hr Wyckoff distribution schematic was then identified which set up our expectations for downside movement. Using order flow confirmations, key points of interest were observed...
Price has just broken structure. Expecting retracement to bottom of previous order block around 1780 area -if this area is respected then I expect price to drop further to around 1760
Double bottom formed indicating potential strong bullish sentiment. P-wave formed. Close above to long, close below to sell.
Close above to long. Close below to short.
Break of either trendline should see a big price movement continuing in the same direction