We are also able to identify the similar rejection when looking at the 4HR time frame. In addition, from the recent candle closure, it is clearly shown that Buyers have taken over the market as the is much more larger than the that had occurred.
In addition, clear confluence for a potential BUY can be justified at the fact that the market had previously bounced off the bottom , as well as the fact that the market is at a key zone which had previously been used as support.
, Zone, formation, Confluence, Zones - What more do you need?
BUT I do believe that there may be a possible re-entry opportunity with the anticipation of a bullish indication.