EOS with a solid rejection off the current supply zone created from December drop.
Zooming in on smaller time frames we had a double top with slight divergence and the following rally failed to make a higher high.
Daily candles printed another bearish body confirming the rejection from supply.
I can see over the following weeks a retrace the the 50% of the current up trend since the start of the year being a descent area of interest for a strong support level at that demand created early Feb.
If that demand fails we are heading back down to lower demand near the last bottom which is a strong demand zone but tread cautious placing lucky dips down there.
On the upside if we do break this level of supply a push to the next minor resistance is around .0009943 with plenty of small bumps in the road on a higher target for the overall supply zone which is some 100% up the ladder.
My play for now is bearish, shorts loaded off supply but will keep a close eye on it until it starts to get some distance from that resistance then let it roll with that 50% retrace in mind.
www.unitytradinggroup.com
Zooming in on smaller time frames we had a double top with slight divergence and the following rally failed to make a higher high.
Daily candles printed another bearish body confirming the rejection from supply.
I can see over the following weeks a retrace the the 50% of the current up trend since the start of the year being a descent area of interest for a strong support level at that demand created early Feb.
If that demand fails we are heading back down to lower demand near the last bottom which is a strong demand zone but tread cautious placing lucky dips down there.
On the upside if we do break this level of supply a push to the next minor resistance is around .0009943 with plenty of small bumps in the road on a higher target for the overall supply zone which is some 100% up the ladder.
My play for now is bearish, shorts loaded off supply but will keep a close eye on it until it starts to get some distance from that resistance then let it roll with that 50% retrace in mind.
www.unitytradinggroup.com