Hi Traders,
So prices are continuing to follow the bearish trend. The next question to ask yourself is where will enough support be found for prices to start rising again?
Currently prices are within a confluence zone and could either potentially rebound from here or breakthrough towards the zones beneath. Keep in mind that we are edging closer to the 0618 FIB too.
We have gone back and looked at past areas where large orders where placed and have depicted these areas through the red zones that you can see on the chart. The second zone has good volume coming into it as seen through the volume bars to the right of the chart. The third zone also has good volume coming into it if the first and second zones fail to hold as support. The last zone is if prices decide to square up the move up however this seems to be unlikely for prices to come down so much.
However, we will watch price action carefully as it develops and goes through these zones of support.
As always if you enjoy the content don't forget to click the like button and make a comment on your opinion.
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
So prices are continuing to follow the bearish trend. The next question to ask yourself is where will enough support be found for prices to start rising again?
Currently prices are within a confluence zone and could either potentially rebound from here or breakthrough towards the zones beneath. Keep in mind that we are edging closer to the 0618 FIB too.
We have gone back and looked at past areas where large orders where placed and have depicted these areas through the red zones that you can see on the chart. The second zone has good volume coming into it as seen through the volume bars to the right of the chart. The third zone also has good volume coming into it if the first and second zones fail to hold as support. The last zone is if prices decide to square up the move up however this seems to be unlikely for prices to come down so much.
However, we will watch price action carefully as it develops and goes through these zones of support.
As always if you enjoy the content don't forget to click the like button and make a comment on your opinion.
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
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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.