we were previously in a very bullish structure of consecutive higher highs
andconsecutive higher lows we had a double top at around 8800 and ever since then we have been selling off towards the downside and you can see that ship was previously trading above this horizontal level here at about six thousand we formed the head and shoulder pattern onto the support and as i'm recording this video we've broken down from the support we tested.
It as resistance and we've sold
off towards the downside so right now as i'm recording this video we are trading at about 5555 nd in the immediate short term ship eeds to get above this significant esistance over here at about 6060 o you can see that this level here has lot of significance for ship it was he previous base of support that we ere using and ever since the support roke down we re-tested it as resistance nd we have been selling off towards.
The nside and if you take
your free etracement tool as well you notice that is level here is perfectly the golden lip the zero point three two five at bout six thousand one hundred so the oint i'm trying to make is that this is he major level that shim needs to break bove right now for any significant ullish continuation towards the outside s.
This was the prior support
that has broken down and flipped into resistance nd this is also the 0.32 fit of the urrent all-time high to the local ottom so keep a lookout for this level his is the first target that ship needs o get above if ship can get above about 000 and if we can close a few one-hour andles above it they'll be quite ullish for ship as we'll be closing bove the prior support that had broken. own and will also be reclaiming.
The 2 flip as support and
you will otice that ship is currently forming onsecutive lower highs and consecutive Lower on he one hour time frame nd you can see that our previous lower igh was around 6000 as well so if we do tart to close above about 6000 we will e back into an uptrend on the one hour ime frame and they'll be quite bullish or ship so you can see that we already ave a few higher lows over here if we tarted close above about 6000 as well.
- above about 6000 on the one hour time
- frame that the next target for ship
- would most likely be the 0.6185
- which is at about 6000 sorry at about
You uld have a higher high
so the oint i'm trying to make is that this is he major resistance that shim needs to reak above right now if you can close a ew one hour candles above it it's quite ikely that ship would have reversed his entire downtrend and we would robably have more continuation in the oming few days towards the upside so ssuming we do start to close candles.
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