We see a dynamic play between the price action and a firm resistance level that has seen several tests over time. The price recently broke above this resistance, which coincides with the 100 EMA, suggesting a shift in momentum. However, this breakout has led to a fakeout, where the price retracted below the resistance, indicating potential uncertainty in the market.
The current candle is critical as it is re-testing the breached resistance. If it holds above, we may anticipate a continuation of the bullish trend. Conversely, if the resistance proves to be unyielding, a pullback to the ascending trendline could happen, which has historically served as a strong support level, providing a rebound for the price.