Price on the 4HTF has broken a trend line support and back for a retest, Now at the area of retest we can see that it is a key level that has been tested multiple times in the past and the overall trend is seemingly bearish, Some might even look at the overall pattern as a Heads & Shoulders patterns.
CONFLUENCE 1: HTF Trend line break
CONFLUENCE 2: Price is below the 4HTF 50 period EMA
CONFLUENCE 3: Price is at key level of structure that has been tested multiple times
CONFLUENCE 4: Double Top pattern on the overall 4HTF
CONFLUENCE 5: Price rejection/bullish exhaustion of the area (WICKS)
With this, Given more evidence and confirmation on LTFs, we can anticipate the bears to take control of the market soon.
Have a profitable week ahead.
Also, your comments will be very much appreciated.
CONFLUENCE 1: HTF Trend line break
CONFLUENCE 2: Price is below the 4HTF 50 period EMA
CONFLUENCE 3: Price is at key level of structure that has been tested multiple times
CONFLUENCE 4: Double Top pattern on the overall 4HTF
CONFLUENCE 5: Price rejection/bullish exhaustion of the area (WICKS)
With this, Given more evidence and confirmation on LTFs, we can anticipate the bears to take control of the market soon.
Have a profitable week ahead.
Also, your comments will be very much appreciated.