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Colour key: Blue = monthly timeframe, Pink = weekly timeframe, Grey = daily/4h timeframe.
I've marked out some key supply and demand (S&D) zones from the monthly and weekly timeframes, as well as key support and resistance (S&R) levels within them. On the monthly timeframe, a potential head and shoulders pattern can be seen to be forming (represented by the purple arrows).
Price has rejected the upper blue monthly S&D zone/S&R level and has headed downwards. There was a buying opportunity presented in the pink weekly zone below it, but as you can see, price broke and held below the S&R level which suggests further movement to the downside.
Personally, i will look for an ideal entry on the 4H/1H timeframe once the market re-opens and then hold most likely for a couple of weeks down to the bottom pink and blue zones (take partials in pink and keep a few small positions open down to the blue).
Updates to follow, follow me to see them. Let me know what you think.
Colour key: Blue = monthly timeframe, Pink = weekly timeframe, Grey = daily/4h timeframe.
I've marked out some key supply and demand (S&D) zones from the monthly and weekly timeframes, as well as key support and resistance (S&R) levels within them. On the monthly timeframe, a potential head and shoulders pattern can be seen to be forming (represented by the purple arrows).
Price has rejected the upper blue monthly S&D zone/S&R level and has headed downwards. There was a buying opportunity presented in the pink weekly zone below it, but as you can see, price broke and held below the S&R level which suggests further movement to the downside.
Personally, i will look for an ideal entry on the 4H/1H timeframe once the market re-opens and then hold most likely for a couple of weeks down to the bottom pink and blue zones (take partials in pink and keep a few small positions open down to the blue).
Updates to follow, follow me to see them. Let me know what you think.