Not even a single weekly candle managed to close above the range high, all it has done is smack itself on the range high and get rejected, thats a macro bearish signal, at least to me
And we should be heading down to quarterly mid range level where we have a weekly bullish Orderblock which needs testing for support.
I marked out the level where we are seeing support at the moment, and its just beautiful-
the 50% of quarterly range high and quarterly mid range (marked in blue)
looking on the daily, price has been in eternal consolidation mode, but remember, since it has been testing it for support for so long, only so much juice remains to provide a rally and we're beginning to see lower highs form, which should indicate the upcoming dump down to the quarterly mid range
my entry for a short would be a retrace back to the red block formed right at quarterly range high
might just put a limit sell right on the quarterly range high with stop above the nearest swing high and hold on to that short for a month or two.
Cheers!
And we should be heading down to quarterly mid range level where we have a weekly bullish Orderblock which needs testing for support.
I marked out the level where we are seeing support at the moment, and its just beautiful-
the 50% of quarterly range high and quarterly mid range (marked in blue)
looking on the daily, price has been in eternal consolidation mode, but remember, since it has been testing it for support for so long, only so much juice remains to provide a rally and we're beginning to see lower highs form, which should indicate the upcoming dump down to the quarterly mid range
my entry for a short would be a retrace back to the red block formed right at quarterly range high
might just put a limit sell right on the quarterly range high with stop above the nearest swing high and hold on to that short for a month or two.
Cheers!