Weekly Overview
Price has tested and held at a strong weekly support level for the past 4 weeks. Last week closed with a bullish candle, showing signs of accumulation and potential upward continuation.
Daily Chart Explanation
Price is moving sideways, but multiple bullish momentum candles are visible within the range. This suggests that buyers are actively absorbing selling pressure despite the consolidation.
4H Chart Explanation
The 4H timeframe has broken above the EMA and remains above it, signaling a shift in trend. I will wait for a retracement back into the discounted zone before looking for a buy setup. A bullish structure and strong price action confirmation will be key to validate the entry.
Plan
🔹 Bias: Bullish
🔹 Entry: Wait for price to retrace into 4H discounted zone and form bullish structure
🔹 Targets:
• TP1 – Recent 4H high
• TP2 – Daily resistance zone
🔹 Invalidation: Break and close below the recent 4H higher low or back below 50EMA
Price has tested and held at a strong weekly support level for the past 4 weeks. Last week closed with a bullish candle, showing signs of accumulation and potential upward continuation.
Daily Chart Explanation
Price is moving sideways, but multiple bullish momentum candles are visible within the range. This suggests that buyers are actively absorbing selling pressure despite the consolidation.
4H Chart Explanation
The 4H timeframe has broken above the EMA and remains above it, signaling a shift in trend. I will wait for a retracement back into the discounted zone before looking for a buy setup. A bullish structure and strong price action confirmation will be key to validate the entry.
Plan
🔹 Bias: Bullish
🔹 Entry: Wait for price to retrace into 4H discounted zone and form bullish structure
🔹 Targets:
• TP1 – Recent 4H high
• TP2 – Daily resistance zone
🔹 Invalidation: Break and close below the recent 4H higher low or back below 50EMA
Trade active
I have opened a buy position.Trade closed: target reached
Near to my target, I closed manually.
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.