SNXUSD Buyers Prepare to Seize Control of the Market
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SNXUSD Analysis: Buyers prepare to seize control of the market
SNXUSD buyers prepare to seize control of the market. The $4.40 supply zone and the $2.10 demand zone have been resisting the buying and selling pressure of the market since May 2022. The $4.40 and $1.40 price levels form the range of the market. On May 6th, 2022, the market crashed downward, leaving an order block behind before initiating its movement. The order block has since formed the supply zone around the $4.40 price level.
SNXUSD Significant Zones
Demand Zones: $2.10, $1.40
Supply Zones: $3.60, $4.40
As the market continued its downtrend after leaving the order block at around the $4.40 price level behind, it crashed further with the formation of another order block along its path. A double bottom was formed at $2.31, moving towards the demand zone at $2.10 in May. The bottoms were used to engineer liquidity as the SNXUSD buyers surrendered to the bears in the market. The order block formed on the 9th of May was used to resume the downtrend as markets broke the double bottom into the demand zone at $1.40.
Ever since the SNXUSD sellers successfully crashed the market into the oversold region at $1.40, the SNXUSD buyers had been dominating the market until the price hit the $4.40 supply zone. The rapid response of the SNXUSD buyers resulted in an inefficiency (liquidity void) that was later filled into equilibrium (50% Fibonacci retracement) in July 2022. A swing failure formed as the price reacted to the supply zone at $4.40, confirming the market structure shift as the mitigation block was used to further the downtrend.
Market Expectation
The four-hour time frame has been on a downtrend ever since the SNXUSD buyers failed to drive the market upward in September 2022. The market is expected to remain in a downtrend until the price falls just below the $2.10 support level and hits the daily bullish order block.
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