Projected Movement Scenarios (Blue Arrows):
Scenario 1 (Bullish Breakout):
If the price holds above the support zone near 86,584.1 (red horizontal line), it could reverse upwards and break out of the descending triangle.
After a breakout, the price is expected to test the resistance zone and potentially move toward higher levels around 102,500.0.
Scenario 2 (Bearish Continuation):
If the price breaks below the support at 86,584.1, the next significant support level is marked at 79,617.0.
A failure to reclaim the lower support line could result in further bearish momentum.
Current Position:
The price is currently hovering around 91,871.7, which is within the triangle.
The small bounce within the triangle suggests the market is testing short-term resistance and support zones.
Key Levels to Watch:
Support Levels: 86,584.1 (immediate) and 79,617.0 (major support).
Resistance Levels: The upper triangle boundary and 102,500.0.
Potential Breakout Trigger:
A breakout above the triangle's upper boundary with volume would confirm bullish momentum.
Conversely, a breakdown below the triangle's lower boundary with volume would confirm bearish momentum.
Conclusion:
This chart outlines two possible price action paths:
A bullish breakout, with a significant rise in price above the triangle and resistance levels.
A bearish continuation, where the price drops below support zones to retest lower levels.
Scenario 1 (Bullish Breakout):
If the price holds above the support zone near 86,584.1 (red horizontal line), it could reverse upwards and break out of the descending triangle.
After a breakout, the price is expected to test the resistance zone and potentially move toward higher levels around 102,500.0.
Scenario 2 (Bearish Continuation):
If the price breaks below the support at 86,584.1, the next significant support level is marked at 79,617.0.
A failure to reclaim the lower support line could result in further bearish momentum.
Current Position:
The price is currently hovering around 91,871.7, which is within the triangle.
The small bounce within the triangle suggests the market is testing short-term resistance and support zones.
Key Levels to Watch:
Support Levels: 86,584.1 (immediate) and 79,617.0 (major support).
Resistance Levels: The upper triangle boundary and 102,500.0.
Potential Breakout Trigger:
A breakout above the triangle's upper boundary with volume would confirm bullish momentum.
Conversely, a breakdown below the triangle's lower boundary with volume would confirm bearish momentum.
Conclusion:
This chart outlines two possible price action paths:
A bullish breakout, with a significant rise in price above the triangle and resistance levels.
A bearish continuation, where the price drops below support zones to retest lower levels.
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.