Alikze »» TRAC | Pullback to Neckline
Updated
🔍 Technical analysis: Pullback to Neckline
- The 8H and 12H frames are moving in a downtrend.
- Given the descending faithful, the return of the descending canal can be the broken structure to continue the descending route.
- If the money is on the line and cannot penetrate it and cut down the descending channel, it can continue the downtrend in the first step to 0.5859.
💎 Possible Scenario: Depending on the structure and behavior as well as the descending faithful, the scenario can be achieved until the green box and liquidity range can be achieved.
💎 Alternative scenario: Also, if it can cut the supply range and channel ceiling, it can test the next supply zone, which must have a stabilization top.
🛑 Resistance range: 0.83 - 0.805
🟩 Support range: 0.488 - 0.537
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Alikze.
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- The 8H and 12H frames are moving in a downtrend.
- Given the descending faithful, the return of the descending canal can be the broken structure to continue the descending route.
- If the money is on the line and cannot penetrate it and cut down the descending channel, it can continue the downtrend in the first step to 0.5859.
💎 Possible Scenario: Depending on the structure and behavior as well as the descending faithful, the scenario can be achieved until the green box and liquidity range can be achieved.
💎 Alternative scenario: Also, if it can cut the supply range and channel ceiling, it can test the next supply zone, which must have a stabilization top.
🛑 Resistance range: 0.83 - 0.805
🟩 Support range: 0.488 - 0.537
»»»«««»»»«««»»»«««
Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future.
Thanks for your continued support.
Best Regards,❤️
Alikze.
»»»«««»»»«««»»»«««
Note
According to the movement path, after reaching the supply area and the ceiling of the channel, it has faced selling pressure, which has experienced more than 13% correction so far. Trade closed: target reached
According to the corrective movement path, after not being able to break the supply area and the ceiling of the descending channel, faced with selling pressure, it has touched the bottom of the descending channel with more than 33% correction of the target. 
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