The pattern is currently doing a sideways or consolidation in 1 HR and below. It looks like the selling pressure is present unless if its breaks the red line resistance with a strong buying force. Other confluence for shorts are:
1) Pattern making a reversal at a 61.8 Fibo level
2) Seller coming in, can be seen in Volume
3) Bullish momentum getting less and less
4) Price break 100MA, but yet to respect it.
Entry guidelines:
- I will wait for the price to break the trendline and the support area before going into a position targetting 160-170 ticks below.
Good luck!
1) Pattern making a reversal at a 61.8 Fibo level
2) Seller coming in, can be seen in Volume
3) Bullish momentum getting less and less
4) Price break 100MA, but yet to respect it.
Entry guidelines:
- I will wait for the price to break the trendline and the support area before going into a position targetting 160-170 ticks below.
Good luck!
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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.