🕰 Weekly Overview:
Price held firm at a key weekly support zone last week, suggesting buyers are stepping in to defend the level.
📉 Daily Chart Explanation:
Sellers have lost momentum, and recent candles show signs of bullish pressure beginning to emerge. This could indicate a potential shift in market sentiment.
⏱ 4H Chart Explanation:
Price has clearly broken above the descending trendline and reclaimed the 50EMA with strong momentum. If price retraces into the discounted zone, it may offer a favorable long opportunity.
📌 Plan:
Bias: Bullish
Entry: Wait for retracement to discounted zone (near broken trendline or 50EMA) and look for price action confirmation
Targets:
TP1: Recent high in 4h
TP2: Next resistance in weekly
Invalidation: Break below 4H structure and EMA50
Price held firm at a key weekly support zone last week, suggesting buyers are stepping in to defend the level.
📉 Daily Chart Explanation:
Sellers have lost momentum, and recent candles show signs of bullish pressure beginning to emerge. This could indicate a potential shift in market sentiment.
⏱ 4H Chart Explanation:
Price has clearly broken above the descending trendline and reclaimed the 50EMA with strong momentum. If price retraces into the discounted zone, it may offer a favorable long opportunity.
📌 Plan:
Bias: Bullish
Entry: Wait for retracement to discounted zone (near broken trendline or 50EMA) and look for price action confirmation
Targets:
TP1: Recent high in 4h
TP2: Next resistance in weekly
Invalidation: Break below 4H structure and EMA50
Trade active
Switch to sell side. I will wait for it to switch to buy side before looking for any long position.
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.