🔹Key Observations:
1. Range Formation & Breakout:
- The price was consolidating within a range (highlighted in the pink box).
- A range breakout trading setup is identified.
- The price has broken below the range support, signaling potential downside momentum.
2. Breakout Confirmation:
- The price has moved below a key support area (marked in blue).
- The breakdown indicates a potential continuation of the downtrend.
3. Downside Targets:
- 1st Target: $68.00 (first green line).
- 2nd Target: $67.05 (second green line).
- If the price sustains below the breakout level, these targets could be reached.
4. Volume Analysis:
- The volume bar at the bottom suggests increased selling pressure.
- The breakout occurred with notable volume, which confirms bearish sentiment.
▪️Technical Outlook:
- Bearish Bias: The chart suggests a bearish move with downside targets aligned at $68.00 and $67.05.
- Watch for Retest: If the price pulls back toward the breakout zone, it may confirm the breakdown before further decline.
- Invalidation Level: A strong recovery back above the blue support zone could invalidate the bearish setup.
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1. Range Formation & Breakout:
- The price was consolidating within a range (highlighted in the pink box).
- A range breakout trading setup is identified.
- The price has broken below the range support, signaling potential downside momentum.
2. Breakout Confirmation:
- The price has moved below a key support area (marked in blue).
- The breakdown indicates a potential continuation of the downtrend.
3. Downside Targets:
- 1st Target: $68.00 (first green line).
- 2nd Target: $67.05 (second green line).
- If the price sustains below the breakout level, these targets could be reached.
4. Volume Analysis:
- The volume bar at the bottom suggests increased selling pressure.
- The breakout occurred with notable volume, which confirms bearish sentiment.
▪️Technical Outlook:
- Bearish Bias: The chart suggests a bearish move with downside targets aligned at $68.00 and $67.05.
- Watch for Retest: If the price pulls back toward the breakout zone, it may confirm the breakdown before further decline.
- Invalidation Level: A strong recovery back above the blue support zone could invalidate the bearish setup.
😊Don't Forget To Hit The Like Button & Share Your Thoughts In Comments.
Trade active
Trade activated, from area for price to go further downward.Note
hold your trades towards target.Note
Congratulation guys, price start falling.Trade closed manually
Trade closed with small profit.
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Related publications
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.