Friendtrand

Friendtrand

We need to monitor the price action at the local resistance line, if you look at the smaller time frames, then you will see that accumulation appears on the price drawdowns, also we have nice H&S pattern, so obviously the price is going to make a push up.

Friendtrand

at the moment we have : bearish structure ✔ bearish pattern ✔ strong resistance zone at the neck ✔ = short 📉

Friendtrand

after a huge impulse the price has corrected to 0.5 Fibo and showing good respect to this level, and for now it seems pretty logical and obvious, that the price has to close the shadow and test the neckline. long.

Friendtrand

the price just reached all the targets of the daily pennant. ✔ extremely overbought ✔ extreme daily gain ✔ = good opportunity for taking shorts

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an obvious sign of bulls. accumulation occurs at each fibonacci level. the price is seeking to close the gap.

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possible short

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possible structure of the dragon pattern

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I have 3 important zones to share, now we're at the local support / resistance zone

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Strong resistance zone ✔ bearish structure ✔ - short. 📉

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strong resistance zone ✔ overbought ✔ bearish structure ✔ - short 📉

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classical bull pattern - pennant

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support zone✔ oversold ✔ structure ✔ - long 🚀

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noted here two proposed scenarios for bulls

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extreme oversold ✔ strong support ✔ ( multi-year psychological level ) pattern ✔ = Long 🚀 P.S the price was under extreme pressure of bears and finally has found the support ! now we should to expect a good upside correction.

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at the moment we have : bullish structure ✔ good oversold ✔ support zone ✔

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we have pattern✔ level✔ oversold✔ = Long🚀

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this - is all you need to know for this pair

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the market is terrible, but the risk/ profit looks like 1 x 10