1. Trend Analysis:
The price has been moving in an upward channel with two support lines drawn.
The price recently broke below one of these support lines, indicating potential weakness.
2. Trade Setup:
A short (sell) position is suggested in the red zone.
The projected downward move is marked with a red arrow.
The target price for the downward move is around 2,868 – 2,906.
3. Market Phases:
A Lead-In Phase is marked in the earlier consolidation zone before the breakout.
A recent consolidation (rectangular zone) indicates possible distribution before a decline.
4. Key Price Levels:
Current price: ~3,021 USD.
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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.