Market is in a bearish structure on the daily and weekly charts.
We see price broke down through EMAs, and especially the 200 EMA. Price also broken down through a bullish TL, confirming the bearish structure. This entry has the following confluences:
- Price made a lower low, and is now retracing to a previous support level + bearish fib zone.
- This area it is near right now is also a retest of the broken 200 EMA.
- Price is bearish on higher timeframes as well.
We see price broke down through EMAs, and especially the 200 EMA. Price also broken down through a bullish TL, confirming the bearish structure. This entry has the following confluences:
- Price made a lower low, and is now retracing to a previous support level + bearish fib zone.
- This area it is near right now is also a retest of the broken 200 EMA.
- Price is bearish on higher timeframes as well.