Monthly time-frame: We failed to surpass previous all time highs and also failed to break monthly key level resistance 26,000 with a strong bearish candle engulfing the previous months bullish candle. This mean we can begin to see a shift in the market from long term bullish to bearish .
Weekly: Moving averages cross indicating sellers are in control of the market. Price is currently below weekly mid-range support 25,000.
Daily: As of right now we should keep a close eye at this time-frame as we could possibly see a retracement to our daily level 25,498. I am in favor of this retracement simple because that same level on the weekly time-frame acted as key support area where price was rejected for 4 weeks.
Overall the momentum of the market is bearish and as of right now we should be looking for bearish setups. Keep and eye for a retracement as we begin this new month. As of right now we are waiting a daily or H4 support to form so we can measure the retracement.
Thanks for watching, i hope you have a profitable trading week.
Weekly: Moving averages cross indicating sellers are in control of the market. Price is currently below weekly mid-range support 25,000.
Daily: As of right now we should keep a close eye at this time-frame as we could possibly see a retracement to our daily level 25,498. I am in favor of this retracement simple because that same level on the weekly time-frame acted as key support area where price was rejected for 4 weeks.
Overall the momentum of the market is bearish and as of right now we should be looking for bearish setups. Keep and eye for a retracement as we begin this new month. As of right now we are waiting a daily or H4 support to form so we can measure the retracement.
Thanks for watching, i hope you have a profitable trading week.
