At the moment, we’re inside a broad consolidation range between 109,951 and 74,456, with the midpoint at 92,204. Based on this, we can see that price is currently trading near the upper boundary of the range — showing strength and aiming for a potential breakout toward a new ATH. Additionally, price remains above the 0.618 Fibonacci retracement level, which reinforces the bullish outlook. We’re also testing the upper band of VWAP, acting as resistance.
Personally, I’d prefer to short — but right now it’s simply not the time. If we try to assess the chart objectively, this is clearly a long setup with a target above 110,000. As for potential shorts: they only make sense if price drops below the midpoint — under 92,204. If we start to break down from that zone, then selling becomes viable, with the first target around 74,456 or even lower. Because in that case, price likely won’t stop at 74,456 — it may push significantly deeper.
Personally, I’d prefer to short — but right now it’s simply not the time. If we try to assess the chart objectively, this is clearly a long setup with a target above 110,000. As for potential shorts: they only make sense if price drops below the midpoint — under 92,204. If we start to break down from that zone, then selling becomes viable, with the first target around 74,456 or even lower. Because in that case, price likely won’t stop at 74,456 — it may push significantly deeper.
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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.