The past week saw a significant break of resistance on the weekly timeframe, without a subsequent retest. Price has since retraced to the 0.618 Fibonacci level, indicating a potential correction before the next major move.
Additionally, the weekly timeframe highlights a strong resistance level, an overall downtrend, and a well-defined weekly supply zone. These factors suggest a higher probability of price declining. Applying Fibonacci extension, we identify a key downside target at the 0.97805 (100% extension level).
On the daily timeframe, price reacted from resistance, briefly tapping into the daily supply zone before showing signs of rejection. This reinforces the potential for further downside movement.
stick patterns, including a Doji and a Shooting Star, both of which indicate potential weakness and a reversal to the downside.
The 1-hour timeframe provides additional entry confirmation, presenting a potential Head and Shoulders reversal pattern. This further aligns with the bearish bias, offering a structured entry point once the pattern completes.
Additionally, the weekly timeframe highlights a strong resistance level, an overall downtrend, and a well-defined weekly supply zone. These factors suggest a higher probability of price declining. Applying Fibonacci extension, we identify a key downside target at the 0.97805 (100% extension level).
On the daily timeframe, price reacted from resistance, briefly tapping into the daily supply zone before showing signs of rejection. This reinforces the potential for further downside movement.
stick patterns, including a Doji and a Shooting Star, both of which indicate potential weakness and a reversal to the downside.
The 1-hour timeframe provides additional entry confirmation, presenting a potential Head and Shoulders reversal pattern. This further aligns with the bearish bias, offering a structured entry point once the pattern completes.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.