To the south, traders can watch out for $6.58 and $6.06. The bulls could drive a bounce in prices at those places.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.The price action showed that a retest of $7 could be followed by another move downward.had an optimistic outlook on the price chart last week. The bulls were knocking on the doors of the $7.7 resistance zone with strength. Yet, the sellers managed to prevail.
This was not to be. The recent wave of selling saw a large candle with massive trading volume close the H4 trading session below the order block. Hence this region can be expected to serve as resistance as it was changed to a bearish breaker block. To the south the $6.58 and $6.06 levels were ones to scrutinize. The bulls could drive a bounce in prices at those places. Short-sellers can look to enter positions targeting these levels with invalidation above the breaker block.
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