Market creating lower lower and lower highs
market pulled back to an area where sellers have previously taken control
Selling pressure applied, place a sell limit if you wanna enter this trade, I am already in it, forgot to post earlier
We are entering this trade because there is a minor break of structure, meaning buyers are taking control.
However, overall trend in the market is Bearish. Placing targets at a potential price reversal zone.
Overall trend on Weekly/Daily timeframes are BULLISH.
Price created a higher high and is currently pulling back.
Couple areas are marked as part of my confluence to identify where to market will potential reverse from.
Once price reaches this area, we will wait for a break and retest of this level and enter the market then.
Our first zone @ 109.850 has...
If price rejects 0.24000 and closes under this price, we will go into our smaller time frames (15M) and wait for a break of structure.
Enter off the retest of the break and place stops above the previous higher high.
If price breaks our current prize zone, that lets us know that the bulls are still in control and may continue bullish until 0.28000-0.29500.
Overall trend is bearish (creating higher lows + lower lows)
Catching the pullbacks @ areas of confluence (price reversal zones)
Market pulled back to the 100% on fibs, made a double top pattern formation adding another confirmation to the bearish trend
Price is struggling to break the $7,000 zone and once broken, our next zone is $6,700