Price action has been respecting a key 4-hour trendline. The market recently bounced off this trendline for the third time, reinforcing the significance of this support level. Notably, the price broke through a previous resistance level, but we’ve now seen a Change of Character, signalling a potential bearish shift in momentum.
Given this bearish structure, I anticipate a pullback to retest the recently broken resistance, which should now act as support. This aligns with a potential retracement to the 50% Fibonacci level and a retest of the bottom trendline, both of which present strong confluence zones for a bullish continuation.
For now, the focus is on entering a short-term sell position to capitalize on this expected pullback. In the lower time frames, we’re looking for confirmation to sell the pullback, ideally to a point where price shows signs of rejection at the 50% Fibonacci level or begins to align with the trendline once again.
Given this bearish structure, I anticipate a pullback to retest the recently broken resistance, which should now act as support. This aligns with a potential retracement to the 50% Fibonacci level and a retest of the bottom trendline, both of which present strong confluence zones for a bullish continuation.
For now, the focus is on entering a short-term sell position to capitalize on this expected pullback. In the lower time frames, we’re looking for confirmation to sell the pullback, ideally to a point where price shows signs of rejection at the 50% Fibonacci level or begins to align with the trendline once again.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.