Bearish Continuation
Throwing out follow up chart for the following reasons:
1) to add to the community and hopefully increase my reputation so I can message members about their scripts
2) to show from a technical point I can read charts
3) to feel smart about something I guess
On this chart you can see basic market structure right? low, high, higher low, high then...lower low. so the next logical step is a lower high right?
Notice I have marked out some supply and demand zones, price has moved sharply away from those areas.
My method for drawing those is to find consolidation of price before a sharp move away, then draw the zone on the final green candle.
They also line up with fibonacci retracement levels as well.
And just from looking at the chart naked, I notice that this recent push higher, seems too strong to me. Theres no real flattening out of price indicating the bears are getting rejected time and time and time again
and the bulls are holding the fort. It just feels like a nothing push. The bulls needed to reclaim levels with conviction, not sporadic price movement.
I feel as if the market itself is indecided, but when you zoom out and see where price is at, it needs to retrace further.
This is just my bias, my conviction, my belief. anything will happen, but always boils down to 2 directions. so why not trade both sides right?
I think we will be lucky to hit .50 fib level but if price shows a strong push through to 618, then maybe the bulls are back. This could be institutional loading for a big big short.
lets see what happens.
1) to add to the community and hopefully increase my reputation so I can message members about their scripts
2) to show from a technical point I can read charts
3) to feel smart about something I guess
On this chart you can see basic market structure right? low, high, higher low, high then...lower low. so the next logical step is a lower high right?
Notice I have marked out some supply and demand zones, price has moved sharply away from those areas.
My method for drawing those is to find consolidation of price before a sharp move away, then draw the zone on the final green candle.
They also line up with fibonacci retracement levels as well.
And just from looking at the chart naked, I notice that this recent push higher, seems too strong to me. Theres no real flattening out of price indicating the bears are getting rejected time and time and time again
and the bulls are holding the fort. It just feels like a nothing push. The bulls needed to reclaim levels with conviction, not sporadic price movement.
I feel as if the market itself is indecided, but when you zoom out and see where price is at, it needs to retrace further.
This is just my bias, my conviction, my belief. anything will happen, but always boils down to 2 directions. so why not trade both sides right?
I think we will be lucky to hit .50 fib level but if price shows a strong push through to 618, then maybe the bulls are back. This could be institutional loading for a big big short.
lets see what happens.
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