1. Trend Structure & Market Bias:
Overall Bullish Momentum: The chart shows a breakout from the previous bearish trendline (marked in blue). The price has moved above key resistance levels, indicating bullish strength.
Break of Structure (BoS): A structural shift in the market confirms the bullish breakout.
Key Resistance Levels:
$3,004: A critical level that has been broken, now acting as potential support.
$3,034: Next major resistance where the price could face selling pressure.
Key Support Levels:
$2,980: Strong support; a breakdown below this could signal a bearish reversal.
$2,968 - $2,956: Lower demand zones where buyers may step in.
2. Price Action & Market Scenarios:
Bullish Scenario (Most Likely):
The price has broken past $3,004, suggesting bullish momentum.
The dotted projection shows a potential move towards $3,034 after a possible retracement.
If the price holds above $3,004, we can expect a rally towards $3,020-$3,034.
Bearish Scenario (Alternative View):
If price fails to sustain above $3,004 and breaks below it again, we may see a correction toward $2,980.
A clean break below $2,980 could trigger further downside toward $2,968 - $2,956.
3. Trading Plan & Strategy:
For Buyers (Long Trades):
Entry: Look for pullbacks to $3,004 for a potential long entry.
Target: First target at $3,020, then $3,034.
Stop Loss: Below $2,980 to protect against trend reversals.
For Sellers (Short Trades):
Entry: If price rejects strongly at $3,034, a short trade can be considered.
Target: First target at $3,004, then $2,980.
Stop Loss: Above $3,040 to minimize risk.
4. Conclusion & Outlook:
Bullish Bias Until $3,004 Holds: If price remains above this level, a rally toward $3,034 is likely.
Watch for Bearish Rejection at $3,034: If price struggles, short opportunities may arise.
Major Support at $2,980: A breakdown below this level could invalidate the bullish trend.
Overall Bullish Momentum: The chart shows a breakout from the previous bearish trendline (marked in blue). The price has moved above key resistance levels, indicating bullish strength.
Break of Structure (BoS): A structural shift in the market confirms the bullish breakout.
Key Resistance Levels:
$3,004: A critical level that has been broken, now acting as potential support.
$3,034: Next major resistance where the price could face selling pressure.
Key Support Levels:
$2,980: Strong support; a breakdown below this could signal a bearish reversal.
$2,968 - $2,956: Lower demand zones where buyers may step in.
2. Price Action & Market Scenarios:
Bullish Scenario (Most Likely):
The price has broken past $3,004, suggesting bullish momentum.
The dotted projection shows a potential move towards $3,034 after a possible retracement.
If the price holds above $3,004, we can expect a rally towards $3,020-$3,034.
Bearish Scenario (Alternative View):
If price fails to sustain above $3,004 and breaks below it again, we may see a correction toward $2,980.
A clean break below $2,980 could trigger further downside toward $2,968 - $2,956.
3. Trading Plan & Strategy:
For Buyers (Long Trades):
Entry: Look for pullbacks to $3,004 for a potential long entry.
Target: First target at $3,020, then $3,034.
Stop Loss: Below $2,980 to protect against trend reversals.
For Sellers (Short Trades):
Entry: If price rejects strongly at $3,034, a short trade can be considered.
Target: First target at $3,004, then $2,980.
Stop Loss: Above $3,040 to minimize risk.
4. Conclusion & Outlook:
Bullish Bias Until $3,004 Holds: If price remains above this level, a rally toward $3,034 is likely.
Watch for Bearish Rejection at $3,034: If price struggles, short opportunities may arise.
Major Support at $2,980: A breakdown below this level could invalidate the bullish trend.
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.