Here is the current 4 Hour range within the 1st zone I was looking for.
Personally, I still see more downside as bears are still in control. There is potential for a breakout on the 4HR but confirming congruence on the Daily has me hesitant as the Daily Timeframe would still hold a downward trend.
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Diving further into the structure of the candles I noticed there are more wicks from the bottom side of the candles than the top; a confirmation bears and the downward trend are still in control.
Bulls are starting to defend this level, but to me it’s a sign that buy side liquidity it being created.
If I’m a seller, this is a great place to manage risk for further downside.
If I’m a buyer, I’m being patient as the retracement back to supply seems to be almost over.
Personally, I still see more downside as bears are still in control. There is potential for a breakout on the 4HR but confirming congruence on the Daily has me hesitant as the Daily Timeframe would still hold a downward trend.
——————————————————————
Diving further into the structure of the candles I noticed there are more wicks from the bottom side of the candles than the top; a confirmation bears and the downward trend are still in control.
Bulls are starting to defend this level, but to me it’s a sign that buy side liquidity it being created.
If I’m a seller, this is a great place to manage risk for further downside.
If I’m a buyer, I’m being patient as the retracement back to supply seems to be almost over.
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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.