SNX (SNXUSD) Sellers Continue Crashing the Market Downward
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SNXUSD Analysis – Sellers Continue Crashing the Market Downward
SNXUSD sellers continue crashing the market downward after a change of character (CHOCH) on the 18th of August, 2022. Until April, the market was in an uptrend with higher highs and higher lows being formed. The lower high formed on the 20th of April crashed the market into the RSI’s oversold region, which was due to the shift in market structure (SMS) that happened at the previous support of $4.50.
SNXUSD Significant Zones
Demand Zones: $2.20, $1.40
Supply Zones: $4.50, $8.20
The price action at the previous support of $4.50 revealed that the SNXUSD sellers are in total control of the market. The price action was a consolidation, which was due to a bearish factor formed a few days before it as a fair value gap. The breakout of the consolidation led the market into a discount as the market hit the $2.20 demand zone. The demand zone at $2.20 successfully rejected the price to the upside until the bears stormed the market again to crash the market to the downside. A break in market structure kept leading the market down until the demand zone at $1.40 was reached.
The reaction of price towards the demand zone at $1.40 showed the massive buying pressure of the bulls on SNXUSD as the price expanded to the upside, leaving the fair value gap above the formed order block unfilled. For the first time since April 20, 2022, the SNXUSD sellers were squeezed out of the market for a relatively long period. Until the 18th of August, 2022, the bulls kept rallying the price upward towards the $4.50 supply zone. Currently, the market appears bearish due to the change of character formed on the 18th of August. The market might keep crashing downward to fill the fair value gap formed as a result of the price action at the $1.40 demand zone.
Market Expectation
SNXUSD is currently in a consolidation phase in the four-hour time frame. Since the exact reason for this consolidation is currently unknown, a break to either side of the range is expected to continue leading the market to the downside. Should the market break upward, the market is expected to reverse at the daily point of interest (POI) to the downside. And if the SNXUSD sellers cause a breakout to the downside, it is expected to run through the liquidities below $2.7840 and below $2.6130.
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