***JustChart Daily Price Action Analysis***
Observations:
⦁ Recent drop is caused by 4h candle (n-4) false breakout, exacerbated by following factors: [1] High market volatility [2] Overdued pullback [3] Lower high confirmation.
⦁ 4h Support structure (34034) did not hold. Price is now facing horizontal 1D support structure and 1D upwards swing trendline.
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What I am looking out for:
⦁ This is starting to look bearish, with double top & false breakout confirmation. I am looking for a sell confirmation, after price pullback and acknowledge it's new resistance level. (34000)
⦁ Going above resistance level (34000) seems plausible, considering it's steep sell momentum and previous bull trap. If price pullback above, I am looking at FIB retracement level (0.5) as the safe level it shouldn't cross for a sell confirmation.
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I will be uploading a detailed video walkthrough of the above written analysis. So be sure to check it out on my YouTube channel.
Stats:
Gut Feel = Short
Analytical Feel = Short
Legend:
1D = Daily Timeframe
4h = 4-hourly Timeframe
N = Current Candle
N-1 = Previous Candle
N-2 = Previous 2nd Candle
N+1 = Next Candle
N & N+1 = Current Candle + Next Candle
Observations:
⦁ Recent drop is caused by 4h candle (n-4) false breakout, exacerbated by following factors: [1] High market volatility [2] Overdued pullback [3] Lower high confirmation.
⦁ 4h Support structure (34034) did not hold. Price is now facing horizontal 1D support structure and 1D upwards swing trendline.
-------------------------------------------------------
What I am looking out for:
⦁ This is starting to look bearish, with double top & false breakout confirmation. I am looking for a sell confirmation, after price pullback and acknowledge it's new resistance level. (34000)
⦁ Going above resistance level (34000) seems plausible, considering it's steep sell momentum and previous bull trap. If price pullback above, I am looking at FIB retracement level (0.5) as the safe level it shouldn't cross for a sell confirmation.
-------------------------------------------------------
I will be uploading a detailed video walkthrough of the above written analysis. So be sure to check it out on my YouTube channel.
Stats:
Gut Feel = Short
Analytical Feel = Short
Legend:
1D = Daily Timeframe
4h = 4-hourly Timeframe
N = Current Candle
N-1 = Previous Candle
N-2 = Previous 2nd Candle
N+1 = Next Candle
N & N+1 = Current Candle + Next Candle
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Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.