Update, mid term timeframe new layout, lets see how its looking more on the 1hr - 4hr rates
there are a few levels I want to look at, firstly lets look at the fib, key level to establish is the 0.5 which unfortunately we have seen resistance and failed to break. in order to look bullish we need to see a break and bullish retest of the 0.5. hopefully we see support at the 0.414/0.382 level. failing that you can see there is a load of nice support underneath that, will speak about them later.
I also want to look at the volume profile more towards where we are now, you can see just above us there is a huge volume level creating mega resistance. this will be a struggle to get over but hopefully we can slowly get above the green lines here at 4137 flipping it as support which is extremely bullish for me. the inverse of that is right at my 0.414/0.382 we have a volume spike which should help us if price starts to come back down.
Spoke about come bullish targets breaking above these green lines then hitting the golden pocket breaking that would be amazing. checking the worst case you can see the thick green line at 3838, that is one of the most essential levels for me, It has been so reliable so if we come down around these levels strong support here is likely, dropping below that have a strong accumulation box down to the 0.236 (3753), at this point things won't look great but I can't see price breaking these levels, I would expect a double bottom or reversal formation. go for long position with SL below my support box keep it tight and probability is high to see some upside.
there are a few levels I want to look at, firstly lets look at the fib, key level to establish is the 0.5 which unfortunately we have seen resistance and failed to break. in order to look bullish we need to see a break and bullish retest of the 0.5. hopefully we see support at the 0.414/0.382 level. failing that you can see there is a load of nice support underneath that, will speak about them later.
I also want to look at the volume profile more towards where we are now, you can see just above us there is a huge volume level creating mega resistance. this will be a struggle to get over but hopefully we can slowly get above the green lines here at 4137 flipping it as support which is extremely bullish for me. the inverse of that is right at my 0.414/0.382 we have a volume spike which should help us if price starts to come back down.
Spoke about come bullish targets breaking above these green lines then hitting the golden pocket breaking that would be amazing. checking the worst case you can see the thick green line at 3838, that is one of the most essential levels for me, It has been so reliable so if we come down around these levels strong support here is likely, dropping below that have a strong accumulation box down to the 0.236 (3753), at this point things won't look great but I can't see price breaking these levels, I would expect a double bottom or reversal formation. go for long position with SL below my support box keep it tight and probability is high to see some upside.
