OVERVIEW: Potential Reversal Zone Identified as Price Holds Strong Support Levels
😇7 Dimension Analysis
Analysis Time Frame: Daily
1: Price Structure:
The current price structure shows bullish potential as the market is in a corrective phase. An inducement has already taken place with liquidity swept internally. The market has experienced 5 pullbacks, indicating a possible deep correction or reversal. The 1st order block (OB) remains unmitigated, and the extreme OB is also unmitigated. Demand zones on the yearly, monthly, weekly, and daily time frames create a strong confluence area, signaling a potential reversal zone.
2: Patterns:
🟢TREND LINES:
Trend lines are still working as resistance or initial profit target zones.
🟢CHART PATTERNS:
A double bottom pattern provides proper support.
A fake-out is possible, but further confirmation is needed.
A V-shaped swing indicates strong demand in the area, as the market rapidly swings upwards.
🟢CANDLE PATTERNS:
Shrinking candles are forming near the support area.
A hammer and doji candle appear near the support, indicating potential bullish reversal signals.
A record session count of 10 consecutive bearish candles.
A momentum (engulfing) candle follows a low, indicating strong bullish momentum.
The last bearish candle closes as an inside bar, suggesting that bulls still have power.
3: Volume:
Volume near the support area is heavy but unable to break it.
Volume during the rally is relatively low, but a massive volume comes near the support, indicating profit booking.
4: Momentum UNCONVENTIONAL Rsi:
🟢The Unconventional RSI is in a super bearish zone and encounters resistance at the 40 level.
🟢A range shift from sideways to bearish is observed.
🟢Regular bullish divergence from the last low to the current low.
🟢Three overbought rejections signify a potential bull reversal.
5: Volatility measure Bollinger bands:
🟢A squeeze breakout has occurred outside the lower band and is completed.
🟢Walking on the band move is observed, indicating bullish momentum.
6: Strength ADX:
Bears are currently in power.
7: Sentiment ROC:
The rate of change for CAD is stronger than CHF based on current value.
✔️ Entry Time Frame: H1
✅ Entry TF Structure: Bullish Choch
☑️ Entry Move: Impulsive
✔ Support Resistance Base: Extreme Support on H1
➕ FIB Trigger Event: Not Activated yet
↕️ Trend Line Breakout: Draw an upside trend line and wait for breakout.
☑️ Final Comments: Consider buying.
💡 Decision: Buy.
🚀 Entry: 0.6540
✋ Stop Loss: 0.6471
🎯 Take Profit: 0.7295
😊 Risk to Reward Ratio: 1:11
🕛 Expected Duration: 60 days.
😇7 Dimension Analysis
Analysis Time Frame: Daily
1: Price Structure:
The current price structure shows bullish potential as the market is in a corrective phase. An inducement has already taken place with liquidity swept internally. The market has experienced 5 pullbacks, indicating a possible deep correction or reversal. The 1st order block (OB) remains unmitigated, and the extreme OB is also unmitigated. Demand zones on the yearly, monthly, weekly, and daily time frames create a strong confluence area, signaling a potential reversal zone.
2: Patterns:
🟢TREND LINES:
Trend lines are still working as resistance or initial profit target zones.
🟢CHART PATTERNS:
A double bottom pattern provides proper support.
A fake-out is possible, but further confirmation is needed.
A V-shaped swing indicates strong demand in the area, as the market rapidly swings upwards.
🟢CANDLE PATTERNS:
Shrinking candles are forming near the support area.
A hammer and doji candle appear near the support, indicating potential bullish reversal signals.
A record session count of 10 consecutive bearish candles.
A momentum (engulfing) candle follows a low, indicating strong bullish momentum.
The last bearish candle closes as an inside bar, suggesting that bulls still have power.
3: Volume:
Volume near the support area is heavy but unable to break it.
Volume during the rally is relatively low, but a massive volume comes near the support, indicating profit booking.
4: Momentum UNCONVENTIONAL Rsi:
🟢The Unconventional RSI is in a super bearish zone and encounters resistance at the 40 level.
🟢A range shift from sideways to bearish is observed.
🟢Regular bullish divergence from the last low to the current low.
🟢Three overbought rejections signify a potential bull reversal.
5: Volatility measure Bollinger bands:
🟢A squeeze breakout has occurred outside the lower band and is completed.
🟢Walking on the band move is observed, indicating bullish momentum.
6: Strength ADX:
Bears are currently in power.
7: Sentiment ROC:
The rate of change for CAD is stronger than CHF based on current value.
✔️ Entry Time Frame: H1
✅ Entry TF Structure: Bullish Choch
☑️ Entry Move: Impulsive
✔ Support Resistance Base: Extreme Support on H1
➕ FIB Trigger Event: Not Activated yet
↕️ Trend Line Breakout: Draw an upside trend line and wait for breakout.
☑️ Final Comments: Consider buying.
💡 Decision: Buy.
🚀 Entry: 0.6540
✋ Stop Loss: 0.6471
🎯 Take Profit: 0.7295
😊 Risk to Reward Ratio: 1:11
🕛 Expected Duration: 60 days.