In the daily timeframe chart, you can see that we have a bearish channel which the price reached a few days ago, and since then, it has been trading lower.
Due to this bearish move, price managed to break its bullish market structure in the 4-hour timeframe, and now the 4-hour market structure is bearish.
On the other hand, this recent bearish impulsive move makes us believe that the price can potentially go lower, and as a result, we can wait for retests and bullish corrective moves to participate in the market by taking short positions.
For now, we are waiting for the price to retest its broken level, which previously acted as support and now would act as resistance.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Due to this bearish move, price managed to break its bullish market structure in the 4-hour timeframe, and now the 4-hour market structure is bearish.
On the other hand, this recent bearish impulsive move makes us believe that the price can potentially go lower, and as a result, we can wait for retests and bullish corrective moves to participate in the market by taking short positions.
For now, we are waiting for the price to retest its broken level, which previously acted as support and now would act as resistance.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Komentar:
Price reacted to the resistance area and now it seems like began to go lower
