My overall bias is bearish. But here is a chance to go long.
-Price met and respected the Supply zone/Resistance several times.
-ultimately it formed a Triple Top (which is a bearish candlestick pattern).
-Price then broke the neckline/BOS confirming price is now in a downtrend.
-Price then found some support around the 94.75 area and appears to be making a double bottom on the 4hr time frame.
-At this point price appear that it is ready retrace and test the neckline (former support level) which will now act as a form of resistance.
-Also drawing the Fibonacci from the last top to where price now has found support and began to retrace, you will see that the neckline also aligns with the 50.0 fib level making a retracement to this area likely.
Like, Comment, Follow for more. If you see something different or disagree, feel free to post your own analysis in the comments!
-Price met and respected the Supply zone/Resistance several times.
-ultimately it formed a Triple Top (which is a bearish candlestick pattern).
-Price then broke the neckline/BOS confirming price is now in a downtrend.
-Price then found some support around the 94.75 area and appears to be making a double bottom on the 4hr time frame.
-At this point price appear that it is ready retrace and test the neckline (former support level) which will now act as a form of resistance.
-Also drawing the Fibonacci from the last top to where price now has found support and began to retrace, you will see that the neckline also aligns with the 50.0 fib level making a retracement to this area likely.
Like, Comment, Follow for more. If you see something different or disagree, feel free to post your own analysis in the comments!
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