As we see, the market had previously finished an accumulation, advancement and distribution phase. Price had broken out of the distribution range to the downside but has now retraced back into the distribution zone. This latest price action could be a fake breakout, or could merely represent the beginning of an advance higher. A strong support level has been...
Trend/Market Structure
Monthly and weekly price action appears to be in a downward trend, as evidenced by a sequence of lower lows and lower highs that appear to respect the support and resistance areas of the descending channel. However, on the H4 timeframe, price appears to be in an upward trend because we can see a sequence of higher highs and higher lows...
