📉 Market Structure:
The pair has been trending upwards inside a well-defined ascending channel. However, price is now testing the lower boundary of the channel, indicating a potential breakdown. A confirmed break below this support could trigger a bearish move.
🔍Key Levels:
Support Zone: 0.0068122 (Channel Support)
Current Price: 0.0067279
First Target: 0.0065703
Second Target: 0.0064390
📊 Trade Idea:
A confirmed break below the channel support could signal further downside.
If price rejects from this level and starts falling, a short opportunity may be considered targeting 0.0065703 and then 0.0064390.
Traders may look for bearish confirmation before entering short positions.
🚨Confirmation & Risk Management:
Bearish Confirmation: A strong break below 0.0068122 with volume.
Invalidation: A strong bounce from support and a move back inside the channel.
Risk Management: Stop-loss can be placed above 0.0068122 to protect against false breakouts.
This setup suggests a potential trend reversal if price fails to hold the channel support. Traders should watch for confirmation before executing trades.
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.