After analyzing multiple timeframes, we can see that the price started trading within a large channel from Friday, 15th March 2024. The channel’s upper boundary acted as a strong resistance on Thursday, 31st October 2024, at 2790. Both the upper and lower boundaries of the channel have consistently functioned as key support and resistance levels.
The price reached an all-time high (ATH) of 2955, where it struggled to break through the channel’s upper boundary. Given the historical respect for these channel lines, we now anticipate a potential reversal. The price has already started to turn around, and to confirm this reversal, we need to see a break below both the trendline and the support level.
Once confirmed, your targets will be:
• 1st Target: 23.60% (2867)
• 2nd Target: 38.20% (2813)
• 3rd Target: 50.00% (2770)
• 4th Target: 61.80% (2726)
Make sure to follow proper risk management.
Happy Trading! Don’t forget to follow for more updates. 🚀
The price reached an all-time high (ATH) of 2955, where it struggled to break through the channel’s upper boundary. Given the historical respect for these channel lines, we now anticipate a potential reversal. The price has already started to turn around, and to confirm this reversal, we need to see a break below both the trendline and the support level.
Once confirmed, your targets will be:
• 1st Target: 23.60% (2867)
• 2nd Target: 38.20% (2813)
• 3rd Target: 50.00% (2770)
• 4th Target: 61.80% (2726)
Make sure to follow proper risk management.
Happy Trading! Don’t forget to follow for more updates. 🚀
Trade active
1st Target: 23.60% (2867) ReachedTrade closed: target reached
As expected, the market reached our projected targets. However, the price retraced between our first and second targets (1st Target: 23.60% (2867) - 2nd Target: 38.20% (2813)). Due to the strong trend, the price bounced from that level and failed to drop further into the Golden Zone (3rd Target: 50.00% (2770) - 4th Target: 61.80% (2726)).Nonetheless, this analysis yielded 10,315.6 pips in profit. A new analysis will be published shortly.
Happy trading!
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.
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.