Key Observations:
Uptrend & Resistance:
The price has been trending upwards within a parallel channel.
It reached a resistance level around $3,064 - $3,055, where selling pressure is evident.
Potential Pullback:
The price is showing signs of rejection at resistance and could move lower.
The first target for the pullback is around $3,013 - $2,964, which aligns with previous structure levels.
A deeper correction could test support near $2,880 - $2,878.
Trade Setup Idea:
Bearish scenario: If price fails to reclaim resistance, traders may look for short opportunities targeting lower support levels.
Bullish scenario: If price breaks above resistance, it could trigger further upside momentum.
Conclusion:
This chart suggests a possible short-term correction before determining the next move. Traders should watch price action near key levels for confirmation.
Uptrend & Resistance:
The price has been trending upwards within a parallel channel.
It reached a resistance level around $3,064 - $3,055, where selling pressure is evident.
Potential Pullback:
The price is showing signs of rejection at resistance and could move lower.
The first target for the pullback is around $3,013 - $2,964, which aligns with previous structure levels.
A deeper correction could test support near $2,880 - $2,878.
Trade Setup Idea:
Bearish scenario: If price fails to reclaim resistance, traders may look for short opportunities targeting lower support levels.
Bullish scenario: If price breaks above resistance, it could trigger further upside momentum.
Conclusion:
This chart suggests a possible short-term correction before determining the next move. Traders should watch price action near key levels for confirmation.
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.