Price was consolidating between the support at $300 and the resistance at $350. MACD is showing bearish weakness, RSI is sold and price is trading below EMA ribbon. Huge liquidity was resting below the support which price took out recently liquidating all long positions from this area also leaving a freshly printed supply zone and an imbalance. Liquidity is still resting above the resistance at $350 meaning the supply zone will most probably not hold as much and we should see bullish movements sooner or later.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.