1. THE GREEN LINE: this line was acting as a resistance line in the past in daily timeframe which is recently broken and tested. now it is obvious that is a reliable resistance.
2. THE YELLOW LIN: strong S&R line which is acting as a resistance too.
3. THE PURPILE ZONE: this channel is more clear in 4H timeframe. the price is currently at the edge of the upper side of the channel and actually is acting as a resistance.
if we put these together an monitor the elliptic zone, we can clearly see an important intersection between the three very powerful lines all acting as resistance. so we expect that the elliptic zone is strong enough in order to pushes the chart down.
THE CONFIRMATION SHOULD BE TAKEN FROM H4.
2. THE YELLOW LIN: strong S&R line which is acting as a resistance too.
3. THE PURPILE ZONE: this channel is more clear in 4H timeframe. the price is currently at the edge of the upper side of the channel and actually is acting as a resistance.
if we put these together an monitor the elliptic zone, we can clearly see an important intersection between the three very powerful lines all acting as resistance. so we expect that the elliptic zone is strong enough in order to pushes the chart down.
THE CONFIRMATION SHOULD BE TAKEN FROM H4.
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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.