Fib strategy, potential short NOW.
Confluence 1: 4H 50EMA respected twice in this downtrend line.
Confluence 2: 4H 8H 50EMA approaching price and act as resistance.
Confluence 3: Trendline third touch! 3 is the magic number.
Confluence 4: Price rejected once in golden fib zone in 71-78%
Confluence 5: Momentum slowed in 1H charts
Confluence 6: Price in liquidity zone of golden fib zone. Price shows multiple support and resistance wicks at this zone.
Confluence 7: Backside of uptrend line is lower than last high signifies high probability to go bearish
Not financial advise. Trade on your own risk.
Good day all.
Regards
Melvin