Price has spent a long time moving inside a horizontal accumulation range. Recently, the market attempted a breakout to the upside, but the move failed and quickly returned back inside the range — a classic fake breakout / deviation above resistance.
The failed breakout shifts the market structure toward weakness. As long as price stays below the upper boundary of the range, the main scenario remains bearish.
I expect continuation to the downside, with the next liquidity zones and potential targets located in the $0.055–$0.045 area.
A reclaim of the range high would invalidate the idea, but for now momentum favors sellers.
The failed breakout shifts the market structure toward weakness. As long as price stays below the upper boundary of the range, the main scenario remains bearish.
I expect continuation to the downside, with the next liquidity zones and potential targets located in the $0.055–$0.045 area.
A reclaim of the range high would invalidate the idea, but for now momentum favors sellers.
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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.