We've had a strong impulse to the upside, but the price is now showing signs of weakness.
The chart is self-explanatory.
The market structure has been broken (lower high, lower low), and now a retest of the broken support above would provide a decent entry for short selling.
Targets are:
1. 3561
2. 3521
3. 3476
4. 3426
Not all targets will be reached necessarily (so take profits along the way), but those are the zones I'd be looking for the price to find support.
In case we see strong support at those levels (ideally in the 3560-3476 area) then a potential buy entry would be in that zone, looking for another push towards 3900.
I don't like looking more than two steps ahead, so in case we see the bounce I will probably make a new analysis.
The main point of this chart is to target the pullback zones.
Remember, this is still a full-on bear market and the price hasn't made any significant breaks to the upside yet.
Unless we see 4365 taken out, this is still more likely to keep making new lows.
Careful and don't let FOMO get the best of you.
In the meantime however, we can play with a relief rally and profit from it if we're careful with our entries.
The chart is self-explanatory.
The market structure has been broken (lower high, lower low), and now a retest of the broken support above would provide a decent entry for short selling.
Targets are:
1. 3561
2. 3521
3. 3476
4. 3426
Not all targets will be reached necessarily (so take profits along the way), but those are the zones I'd be looking for the price to find support.
In case we see strong support at those levels (ideally in the 3560-3476 area) then a potential buy entry would be in that zone, looking for another push towards 3900.
I don't like looking more than two steps ahead, so in case we see the bounce I will probably make a new analysis.
The main point of this chart is to target the pullback zones.
Remember, this is still a full-on bear market and the price hasn't made any significant breaks to the upside yet.
Unless we see 4365 taken out, this is still more likely to keep making new lows.
Careful and don't let FOMO get the best of you.
In the meantime however, we can play with a relief rally and profit from it if we're careful with our entries.
