SYNTHETIX (SNXUSD) Sellers Prepare to Exit the Market
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SNXUSD Analysis: Sellers prepare to exit the market
SNXUSD sellers prepare to exit the market at the daily Fair Value Gap (FVG). The market has been trending downward ever since prices rallied into a bearish order block. The bearish order block was formed in early March 2022. Before the formation of the bearish order block, the market was consolidating at a certain point. The consolidation was due to a bearish factor above it. After the formation of the consolidation, the market crashed massively downward till the demand zone at $2.10 was hit.
SNXUSD Significant Zones
Demand Zones: $2.10, $1.40
Supply Zones: $2.70, $3.60
On the 14th of June, 2022, the market made a sudden surge into the supply zone at $2.70, changing the market’s environment in the process. From the supply zone, the SNXUSD sellers drove prices into the upper demand zone, allowing the bulls to get their orders filled. The bulls consistently drove the price upward until the bearish order block formed in March was filled. The change in the market’s environment was confirmed after a shift in market structure to the downside.
Since the market’s environment had already changed, market participants began to ride the downward trend. The SNXUSD sellers crashed the market aggressively to the downside until the previous support at $2.70 was reached. The SNXUSD buyers gained an opportunity after a double bottom was formed at the previous support level. After reaching a fair value gap towards the $3.60 resistance, the price rallied only to reverse. Currently, the market is in a consolidation phase. The consolidation is due to a bearish factor to the right of the range.
Market Expectation
The SNXUSD market’s order flow remains bearish on the four-hour chart. The market is expected to sink into the daily fair value gap (Daily FVG) before rallying upward.
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