This is a supply/demand zone analysis ON THE WEEKLY, ADVISE looking at the monthly:
I drew the demand zones for the weekly, basically where you see red basing candles during the major uptrend. You can see that we are already within the orange supply zone and bounced IMMEDIATELY after hitting the bottom of that zone. However, that zone is not fresh so don't think of it as a strong support. (we also have a bullish divergence on the 1 hour, and its trying to break out of the down trend)
The blue demand zone is where we expect the next bounce to be, however, that zone is simply a RETRACEMENT of the green demand zone, so I wouldn't think of it as a legitimate demand zone. So that bounce may not last and may not trigger into a bull run.
The green supply zone is where institutions will be very eager to buy at.
This is all assuming that it drops below the orange demand zone, it may very well not. Remember to check the monthly chart for its supply/demand zone. the higher the time frame the better.
I drew the demand zones for the weekly, basically where you see red basing candles during the major uptrend. You can see that we are already within the orange supply zone and bounced IMMEDIATELY after hitting the bottom of that zone. However, that zone is not fresh so don't think of it as a strong support. (we also have a bullish divergence on the 1 hour, and its trying to break out of the down trend)
The blue demand zone is where we expect the next bounce to be, however, that zone is simply a RETRACEMENT of the green demand zone, so I wouldn't think of it as a legitimate demand zone. So that bounce may not last and may not trigger into a bull run.
The green supply zone is where institutions will be very eager to buy at.
This is all assuming that it drops below the orange demand zone, it may very well not. Remember to check the monthly chart for its supply/demand zone. the higher the time frame the better.