The chart contains multiple technical patterns, indicating a bearish market structure. Here are the key patterns identified:
1. *Rising Wedge* – This is a bearish reversal pattern where price moves upward within a narrowing range before breaking down. It suggests weakening bullish momentum and potential selling pressure.
2. *Double Top* – A classic reversal pattern that signals a potential trend change from bullish to bearish. The price reaches a resistance level twice but fails to break higher, leading to a decline.
3. *Break of Structure (BOS) & Change of Character (CHOCH)* – These confirm a market shift from bullish to bearish. BOS signals trend continuation, while CHOCH indicates potential reversals.
4. *Fair Value Gap (FVG)* – This is an imbalance in price action, where price might retrace before continuing downward.
5. *Support Area & Liquidity Zone (LQD)* – The price is expected to target these areas, possibly finding support or continuing the downtrend.
# Conclusion:
- The chart suggests a bearish outlook following the breakdown of the *rising wedge* and *double top*.
- If the price retraces to the *FVG*, it could offer a short-selling opportunity before continuing lower toward the support area.
Would you like help identifying possible trade setups based on this structure? Write in comment section.
1. *Rising Wedge* – This is a bearish reversal pattern where price moves upward within a narrowing range before breaking down. It suggests weakening bullish momentum and potential selling pressure.
2. *Double Top* – A classic reversal pattern that signals a potential trend change from bullish to bearish. The price reaches a resistance level twice but fails to break higher, leading to a decline.
3. *Break of Structure (BOS) & Change of Character (CHOCH)* – These confirm a market shift from bullish to bearish. BOS signals trend continuation, while CHOCH indicates potential reversals.
4. *Fair Value Gap (FVG)* – This is an imbalance in price action, where price might retrace before continuing downward.
5. *Support Area & Liquidity Zone (LQD)* – The price is expected to target these areas, possibly finding support or continuing the downtrend.
# Conclusion:
- The chart suggests a bearish outlook following the breakdown of the *rising wedge* and *double top*.
- If the price retraces to the *FVG*, it could offer a short-selling opportunity before continuing lower toward the support area.
Would you like help identifying possible trade setups based on this structure? Write in comment section.
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