multi timeframe confirmation just dropped in my lap.
I see strong BUY confirmation based on our momentum framework.
🔹 **Trade Direction:** Long (Bullish Reversal)
🔹 **Entry:** $156 - $157 (Current zone)
🔹 **Stop Loss:** $152 (below recent swing low)
🔹 **Target 1:** $164 (short-term resistance)
🔹 **Target 2:** $171.50 (previous support-turned-resistance)
📊 **Probability & Justification:**
- **Momentum Shift:** Price stabilizing after a steep sell-off, potential for mean reversion.
- **Indicators:** Stochastic RSI heavily oversold across all key timeframes, strong buy signals on multiple intervals.
- **Moving Averages:** 9/21 EMA still bearish, but price attempting to reclaim key levels.
- **Volume Profile:** Increasing buy-side pressure indicates accumulation.
⚠️ **Risk Considerations:**
- A break below $152 invalidates the setup.
- Price action must confirm a higher low before strong upside.
- Volatility at 31.5%—expect swings; patience required.
📉 **Bias:** Cautiously bullish—confirmation needed for continuation above $164.
I see strong BUY confirmation based on our momentum framework.
🔹 **Trade Direction:** Long (Bullish Reversal)
🔹 **Entry:** $156 - $157 (Current zone)
🔹 **Stop Loss:** $152 (below recent swing low)
🔹 **Target 1:** $164 (short-term resistance)
🔹 **Target 2:** $171.50 (previous support-turned-resistance)
📊 **Probability & Justification:**
- **Momentum Shift:** Price stabilizing after a steep sell-off, potential for mean reversion.
- **Indicators:** Stochastic RSI heavily oversold across all key timeframes, strong buy signals on multiple intervals.
- **Moving Averages:** 9/21 EMA still bearish, but price attempting to reclaim key levels.
- **Volume Profile:** Increasing buy-side pressure indicates accumulation.
⚠️ **Risk Considerations:**
- A break below $152 invalidates the setup.
- Price action must confirm a higher low before strong upside.
- Volatility at 31.5%—expect swings; patience required.
📉 **Bias:** Cautiously bullish—confirmation needed for continuation above $164.
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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.