Top down analyis is showing me that price is in a down trend - this can be seen both on the weekely as well as the daily - we are forming lower lows and lower highs and you can see this on the 1hr time frame quite clearly. You can see price is currently pulling back to the trnad line where price could potentially form another lower high and roll over to form another loer low.
We have a number of confluences on this setup with one of them being a pullback to structure (support turned resistance), a key level labelled with the pink/purple box just above price at the moment.
This happens to line up with our descending trendline, another form of structure.
The thrid confluence is our fibonacci levels which lines up quite nicely with our two key levels above.
Will wait for further candlestick confirmation once price gets to our zone.
We have a number of confluences on this setup with one of them being a pullback to structure (support turned resistance), a key level labelled with the pink/purple box just above price at the moment.
This happens to line up with our descending trendline, another form of structure.
The thrid confluence is our fibonacci levels which lines up quite nicely with our two key levels above.
Will wait for further candlestick confirmation once price gets to our zone.