On this pair I see a more likelyhood of the market selling up to around $38 000 area.
My reasons is that:
1) Price comes from the higher high which formed minor timeframe and major timeframe double top.
2) Price failed to break $52 000 resistance area which is a Major Structural area (Support and Resistance) thus far.
3) I see a double top correction pattern, with a strong second leg forming a visible LTF double top (A second leg of a second leg).
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How I see the market playing out!
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1) Price will form a correction bear flag that due to support and resistance has a higher probability of rejecting at @ $48 500 or $49 500.
2) Price has a more probability of dropping to the next structural significant level which $40 000 to $38 000
My analysis are based on my trading plan and how I have perused history data to spot market patterns!
My reasons is that:
1) Price comes from the higher high which formed minor timeframe and major timeframe double top.
2) Price failed to break $52 000 resistance area which is a Major Structural area (Support and Resistance) thus far.
3) I see a double top correction pattern, with a strong second leg forming a visible LTF double top (A second leg of a second leg).
=============
How I see the market playing out!
=============
1) Price will form a correction bear flag that due to support and resistance has a higher probability of rejecting at @ $48 500 or $49 500.
2) Price has a more probability of dropping to the next structural significant level which $40 000 to $38 000
My analysis are based on my trading plan and how I have perused history data to spot market patterns!