1. MSB (market structure break) starts a new 4h cycle (downtrend). The confirmation of a new bearish wave occurs when there are 2 retests on the old support (red balls),
2. Strong resistance detected around 37k levels (good for shorters),
3. Local resistance here at 35k will show the next move: if a consolidation above 35.2k possible top retest or a failure breaks and return to range will give possibilities for more down move.
2. Strong resistance detected around 37k levels (good for shorters),
3. Local resistance here at 35k will show the next move: if a consolidation above 35.2k possible top retest or a failure breaks and return to range will give possibilities for more down move.
Note
Eyes in demand zone in blue
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.