The price action that is currently playing out demonstrates a bearish bias. Price has failed to make a higher high past the 42000 zone.
On the daily chart, price has rejected the weekly kill zone resistance at 41000-43000. Latest daily candle forming a doji.
On the 4/1Hr time frame, the latest bearish impulse has retraced to the previous 'M' neckline resistance and is now testing the 78.6% and 61.8% fib zones. This is a pullback that presents us with a great risk to reward opportunity for a SHORT, with a target of 35000 before a possible pullback to go even lower.
This analysis should not be considered financial advice, DYOR
On the daily chart, price has rejected the weekly kill zone resistance at 41000-43000. Latest daily candle forming a doji.
On the 4/1Hr time frame, the latest bearish impulse has retraced to the previous 'M' neckline resistance and is now testing the 78.6% and 61.8% fib zones. This is a pullback that presents us with a great risk to reward opportunity for a SHORT, with a target of 35000 before a possible pullback to go even lower.
This analysis should not be considered financial advice, DYOR