Current Market Conditions:
** The price is currently hovering near 0.89393, close to the demand zone (yellow area: 0.89150–0.89300).
** The market is likely consolidating, as no strong bullish or bearish momentum is visible yet.
Demand Zone (Support):
** The yellow zone represents a demand zone in the 1-hour timeframe.
** Buyers are expected to enter the market when the price reaches this zone, creating upward pressure.
** The price dipping into the demand zone offers a potential buy opportunity.
Supply Zone (Resistance):
** The red zone around 0.89850–0.90000 represents a supply zone on the higher timeframe.
** When the price approaches this area, sellers may dominate, pushing the price lower.
** This zone can be used as the target for a long position.
Predicted Price Movement:
As indicated by the black arrow, the price is expected to: Move downward slightly into the demand zone.
Bounce strongly from the demand zone and head toward the supply zone.
** The price is currently hovering near 0.89393, close to the demand zone (yellow area: 0.89150–0.89300).
** The market is likely consolidating, as no strong bullish or bearish momentum is visible yet.
Demand Zone (Support):
** The yellow zone represents a demand zone in the 1-hour timeframe.
** Buyers are expected to enter the market when the price reaches this zone, creating upward pressure.
** The price dipping into the demand zone offers a potential buy opportunity.
Supply Zone (Resistance):
** The red zone around 0.89850–0.90000 represents a supply zone on the higher timeframe.
** When the price approaches this area, sellers may dominate, pushing the price lower.
** This zone can be used as the target for a long position.
Predicted Price Movement:
As indicated by the black arrow, the price is expected to: Move downward slightly into the demand zone.
Bounce strongly from the demand zone and head toward the supply zone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.