thoughts on this

23 May 2021

As for the daily TF we can see how price reacted at around 111.000 and since then started falling until it came around 107.500 where price started to reject and form a demand zone, since that rejection price has started to push up making a series of higher lows and higher highs. I've drawn a minor demand zone at around 108.600 seeing that this is our major daily higher low and it's a level where price could potentially react from. as for our latest market structure information that we have gathered until now price looks pretty bullish still, but if we see thing from another perspective we can also see what others would call a flag continuation pattern to the downside so this is something that we have to keep in mind because this is something that could also happen. The reason I still think price will push up a little more before falling is because of recent market structure in the 4hr TF as well as the 1hr TF where we can see the shift more clear. price failed to make new lower lows and started to push up.
As for the 4hr TF we can see how price wanted to keep pushing down but instead in the second attempt reaching the demand zone drawn in the daily it reacted and started pushing up, where we can see price breaking the previous most recent lower high and is now possibly making a retest to continue pushing up. If we take a look at the 1hr TF we can see things more clearly, we can see how price reacted the first time at the daily demand zone and then the second one where price was falling and then started to push up from the demand zone, we can also see how price broke all the previous lower highs and will possibly keep pushing up until we reach our 4hr demand zone where price could start falling again.
conclusion; As for short term price will possibly keep pushing up meaning that we are good for buys.


this is not financial advice.