Based on the formation of the triangle it is plausible to expect the price to go to its resistance level in light red colour. The height of triangle's formation also supports the distance of the price action. Also, the last 3 candles including the one today on 12H show a local trend reversal, which also support current Long.
Once the price reaches the green rectangle area around 59200 USD, it will be at the top of its ascending wedge beteeen two green lines. Therefore, a drop to a local support line in pink colour would be expected.
Once the price reaches the green rectangle area around 59200 USD, it will be at the top of its ascending wedge beteeen two green lines. Therefore, a drop to a local support line in pink colour would be expected.
Order cancelled
The price did not break the resistance line and bounced off it.
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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.