(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