1. Fibonacci Levels:
0.236 (12.05T): Currently being tested. The price is attempting to stay above this level.
0.382 (12.12T): A critical resistance level. Breaking above this level could lead to positive momentum in the market.
0.618 (12.27T): A stronger resistance zone. Reaching this level would confirm a more solid uptrend.
2. Support and Resistance Zones:
Support: 11.85T-11.90T: If the price pulls back, this zone could act as a buying area.
Resistance: 12.12T and 12.27T: Breaking these levels would signal further upward movement.
3. Trend Analysis:
The blue upward trendline indicates an ongoing bullish movement. However, the price is currently consolidating around the 12.12T level.
If the price breaks and holds above 12.12T, the upward trend could continue, with the next target at 12.27T.
In case of a downward move, the 11.90T support zone might be tested. Breaking below this support could push the price lower, possibly toward 11.77T.
4. Summary and Strategy:
Bullish Scenario: The price needs to break the 12.12T resistance and hold above the Fibonacci 0.382 level. This would indicate further bullish momentum, making it a potential entry point for long positions.
Bearish Scenario: If the price breaks below the 11.85T support, the market could weaken further. This scenario might suggest a short-selling opportunity.
0.236 (12.05T): Currently being tested. The price is attempting to stay above this level.
0.382 (12.12T): A critical resistance level. Breaking above this level could lead to positive momentum in the market.
0.618 (12.27T): A stronger resistance zone. Reaching this level would confirm a more solid uptrend.
2. Support and Resistance Zones:
Support: 11.85T-11.90T: If the price pulls back, this zone could act as a buying area.
Resistance: 12.12T and 12.27T: Breaking these levels would signal further upward movement.
3. Trend Analysis:
The blue upward trendline indicates an ongoing bullish movement. However, the price is currently consolidating around the 12.12T level.
If the price breaks and holds above 12.12T, the upward trend could continue, with the next target at 12.27T.
In case of a downward move, the 11.90T support zone might be tested. Breaking below this support could push the price lower, possibly toward 11.77T.
4. Summary and Strategy:
Bullish Scenario: The price needs to break the 12.12T resistance and hold above the Fibonacci 0.382 level. This would indicate further bullish momentum, making it a potential entry point for long positions.
Bearish Scenario: If the price breaks below the 11.85T support, the market could weaken further. This scenario might suggest a short-selling opportunity.
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.