H1 time frame.
After an upward move through the key level of a short-term downtrend on the 1-hour timeframe, the price did not get bullish confirmation.
Instead, there was a false breakout and strong down at resistance 49400.
There is now confirmation of the downtrend returning after this down move.
It is highly likely that the price is moving sideways in the 49400-46400 range.
Wait for the confirmation price to be higher than 48200 and set up a sell order.
The profit target is the old support zone at 46400.
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Wish you all have a good trading day!
After an upward move through the key level of a short-term downtrend on the 1-hour timeframe, the price did not get bullish confirmation.
Instead, there was a false breakout and strong down at resistance 49400.
There is now confirmation of the downtrend returning after this down move.
It is highly likely that the price is moving sideways in the 49400-46400 range.
Wait for the confirmation price to be higher than 48200 and set up a sell order.
The profit target is the old support zone at 46400.
-----------------------------------------------------------------------------------------------
Wish you all have a good trading day!
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