To understand what is happening in price we need to do a top down analysis starting from the monthly time frame. Also it is important to look at what the dollar is doing.
Monthly:
The price is sitting in an important demand zone that has being rejected twice. Also the dollar is strong and has surpassed the supply zone. This scenario could mean that the Dollar could be taking liquidity.
Weekly:
The price has created a double bottom and the price is also over extended. Also there is an M formation , we could expect the price to make a retracement to the neckline to complete the pattern. If we take the fibo from high to low the .618 is in confluence with the neckline.
Daily:
The price is accumulating and over extended. This is a clear sign that the price is getting ready to make the move to the upside.
Monthly:
The price is sitting in an important demand zone that has being rejected twice. Also the dollar is strong and has surpassed the supply zone. This scenario could mean that the Dollar could be taking liquidity.
Weekly:
The price has created a double bottom and the price is also over extended. Also there is an M formation , we could expect the price to make a retracement to the neckline to complete the pattern. If we take the fibo from high to low the .618 is in confluence with the neckline.
Daily:
The price is accumulating and over extended. This is a clear sign that the price is getting ready to make the move to the upside.
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Due to recent comments from Powell the dollar has gain more value. The current price action is showing a bearish scenario which completely invalidate this setup.
Wiiso