🧭 Overall Market Structure:
The chart shows strong upward movement earlier, followed by a sharp reversal and ongoing consolidation near support.
The price is currently around 53,674, testing a demand/support zone.
📉 Trend Overview (from the panel):
Timeframe -Trend
D (Daily) - Bullish
4H - Bullish
1H - Bearish
15M - Bearish
5M Bearish
This suggests short-term bearishness, but higher timeframes remain bullish, indicating a pullback within an uptrend.
🔻 Resistance Levels (Marked in Red):
56,098.70 - 55,557.75
55,691.95
54,937.25 - 54,723.70
54,176.45
53,919.90
These levels indicate stacked supply zones, showing strong overhead resistance. Price was rejected near these zones repeatedly, confirming bearish pressure.
🔼 Support Levels (Marked in Blue/Purple):
53,400 area (current price testing support zone)
Lower HTF supports at:
51,893.60
50,742.00
These are key demand levels from higher timeframes. If price loses the 53,400 zone, it may drop towards 51,893 and even 50,742.
📍 Price Action & Candlestick Structure:
A series of lower highs and lower lows forming recently.
Candles near current levels are tight-bodied, indicating indecision.
A bullish bounce from current support is possible, but a breakdown would confirm continuation to the downside.
🧠 Summary:
Trend: Bullish on higher timeframes, Bearish on lower.
Action Zone: Price at major support (53,400)—crucial decision area.
Bias:
Bullish bounce possible toward 54,100–54,700 if support holds.
Bearish continuation likely below 53,400, targets 51,900 and 50,700.
The chart shows strong upward movement earlier, followed by a sharp reversal and ongoing consolidation near support.
The price is currently around 53,674, testing a demand/support zone.
📉 Trend Overview (from the panel):
Timeframe -Trend
D (Daily) - Bullish
4H - Bullish
1H - Bearish
15M - Bearish
5M Bearish
This suggests short-term bearishness, but higher timeframes remain bullish, indicating a pullback within an uptrend.
🔻 Resistance Levels (Marked in Red):
56,098.70 - 55,557.75
55,691.95
54,937.25 - 54,723.70
54,176.45
53,919.90
These levels indicate stacked supply zones, showing strong overhead resistance. Price was rejected near these zones repeatedly, confirming bearish pressure.
🔼 Support Levels (Marked in Blue/Purple):
53,400 area (current price testing support zone)
Lower HTF supports at:
51,893.60
50,742.00
These are key demand levels from higher timeframes. If price loses the 53,400 zone, it may drop towards 51,893 and even 50,742.
📍 Price Action & Candlestick Structure:
A series of lower highs and lower lows forming recently.
Candles near current levels are tight-bodied, indicating indecision.
A bullish bounce from current support is possible, but a breakdown would confirm continuation to the downside.
🧠 Summary:
Trend: Bullish on higher timeframes, Bearish on lower.
Action Zone: Price at major support (53,400)—crucial decision area.
Bias:
Bullish bounce possible toward 54,100–54,700 if support holds.
Bearish continuation likely below 53,400, targets 51,900 and 50,700.
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.