Good morning traders! The higher timeframe review remains unchanged, with the price still within the trendlines of the 2-day chart and the 8hr and 4hr swingarms still at play. The pressure is now up to 89%, indicating an extremely oversold market. To help you identify potential buying opportunities, we have included several blue zones in the ultimate setup chart below.
These zones are areas where buyers may show up and cause a bounce, with the farthest zone having the most upward pressure. With news scheduled at 10:00 AM, volatility may increase and potentially cause swingarm breaks, similar to what we saw yesterday. Currently, the 1-minute chart shows a tight range of about 20 points overnight, and it is likely that the price will attempt to reach the extreme zone of the 4hr swingarm at 3960. As always, keep an eye on the 1-min 28/9 for the most current and likely stable trend direction.
BLUE Trending SwingArm = Bullish Trend with Pressure
YELLOW Trending SwingArm = Bearish Trend with Pressure When blue zones are in the way, it creates a squeezing possibility.
Big Picture Review
8 Hour Extreme Resistance Sending Price down to 4-hour Extremes Below
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