- Price met support at the monthly support zone and formed a Triple Bottom/ Double bottom, which is a bullish reversal candlestick pattern
- Price then made a huge bullish push where it eventually met resistance at the weekly supply/resistance zone.
-On the daily timeframe price sort of formed a doji, signaling bullish exhaustion and a H&S on the 4hr time frame, signaling that price was ready to make a bearish move.
-Price made bearish push for 3 consecutive days before pulling back to create a lower high and forming another doji candlestick stick on the daily
- A big bearish candle close of today's candle will serve as a further confirmation that price is ready to make a bearish push.
-Price appears to have formed a double top candlestick pattern and I am expecting price to retrace to the 50.0 Fibonacci level.
-The 50.0 Fibonacci level also aligns with the weekly support/demand zone.
- A retracement to this area will also create a higher low.
- Price then made a huge bullish push where it eventually met resistance at the weekly supply/resistance zone.
-On the daily timeframe price sort of formed a doji, signaling bullish exhaustion and a H&S on the 4hr time frame, signaling that price was ready to make a bearish move.
-Price made bearish push for 3 consecutive days before pulling back to create a lower high and forming another doji candlestick stick on the daily
- A big bearish candle close of today's candle will serve as a further confirmation that price is ready to make a bearish push.
-Price appears to have formed a double top candlestick pattern and I am expecting price to retrace to the 50.0 Fibonacci level.
-The 50.0 Fibonacci level also aligns with the weekly support/demand zone.
- A retracement to this area will also create a higher low.