Price action blew off to a high around $540 and since then closed back under the historical close.
The goal here is to see price action consolidate under resistance in the preparation for a major sell-off
To invalidate all of this I would like to see more of an accumulation pattern back above major resistance, but if we see an increase in aggressive selling then price will be hunting for at least $120.
Price action also looked a bit familiar to the 2021 sell-off with the same blow-off-top and a ABC pattern breakdown
After the C sell-off price retraced back to B and then finally flushed out back to major support
Current price action has pretty much done the first phase and we should expect some consolidation before the next big move.
The goal here is to see price action consolidate under resistance in the preparation for a major sell-off
To invalidate all of this I would like to see more of an accumulation pattern back above major resistance, but if we see an increase in aggressive selling then price will be hunting for at least $120.
Price action also looked a bit familiar to the 2021 sell-off with the same blow-off-top and a ABC pattern breakdown
After the C sell-off price retraced back to B and then finally flushed out back to major support
Current price action has pretty much done the first phase and we should expect some consolidation before the next big move.
NathanAL
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
NathanAL
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.