SNX (SNXUSD) Bears Remain Consistent With Crashing the Market Downward
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SNXUSD Analysis: The bears remain consistent with crashing the market downward
SNXUSD bears remain consistent with crashing the market downward. The institutional order flow in the market has been bearish since April this year. On the 6th of March, 2022, the market rallied out of an oversold region until it broke the resistance level of $4.40 into the year’s high. The bullish order block formed on May 6, 2022, was used to propel the price into an intermediate high. The high was unable to break the previous high as a shift in market structure occurred.
SNXUSD Significant Zones
Demand Zones: $2.60, $1.40
Supply Zones: $3.70, $4.40
The market bounced off the previous support at $4.40 only to get rejected to the downside on the 5th of May, 2022. The rejection to the downside at this zone caused the price to sink as it formed a bearish order block along its path. After the market finished gyrating around the $2.60 level, the market rallied a few pips away as it faced the bearish order block on May 31st, 2022. The bearish order block crashed the market to the downside until prices hit the $1.40 demand zone.
The price action towards the demand zone at $1.40 revealed the intent of the SNXUSD buyers as they squeezed the bulls out of the market. The failure of the bullish order block formed on July 25th demonstrated market dominance as they finally took control of the market and crashed prices downward. The liquidity sitting below the double bottom formed on the 27th of August might end up being cleared before the bulls decide to take control of the market again.
Market Expectation
As the market consolidates within the four-hour time frame, the market is expected to bounce off the equilibrium of the range and crash downward. Should the market decide to rally up before crashing downward, it might be doing so to fill the liquidity void above the consolidation range.
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