Key Observations:
1. Trend Context:
Price is in a short-term bearish trend, shown by lower highs and BOS (Break of Structure) and ChOCH (Change of Character).
However, momentum may be weakening near the strong support area.
2. Support & Resistance:
Strong Support Area: Around 3,231–3,191, with price reacting here—suggests a possible accumulation phase.
Resistance Zone: Around 3,252–3,283, noted as a key area to watch.
Target Point: Near 3,318–3,320, if the breakout happens above 3,252 resistance.
3. Trade Idea (Bullish Setup):
Buy Trigger: If price breaks and holds above 3,252 (labeled “LOOKS STRONG RESISTANCE IF IT BREAKS IT FLY”).
Entry Idea: Enter on a breakout retest around 3,252–3,260.
Target: 3,318–3,320 zone (next resistance area).
Stop-Loss: Below strong support, ideally around 3,215–3,220 depending on your risk appetite.
1. Trend Context:
Price is in a short-term bearish trend, shown by lower highs and BOS (Break of Structure) and ChOCH (Change of Character).
However, momentum may be weakening near the strong support area.
2. Support & Resistance:
Strong Support Area: Around 3,231–3,191, with price reacting here—suggests a possible accumulation phase.
Resistance Zone: Around 3,252–3,283, noted as a key area to watch.
Target Point: Near 3,318–3,320, if the breakout happens above 3,252 resistance.
3. Trade Idea (Bullish Setup):
Buy Trigger: If price breaks and holds above 3,252 (labeled “LOOKS STRONG RESISTANCE IF IT BREAKS IT FLY”).
Entry Idea: Enter on a breakout retest around 3,252–3,260.
Target: 3,318–3,320 zone (next resistance area).
Stop-Loss: Below strong support, ideally around 3,215–3,220 depending on your risk appetite.
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.