📝 Key Observations:
Break of Structure (BoS) - Price recently broke previous support levels, indicating a shift in market direction.
Strong Bullish Momentum - The aggressive move up suggests that buyers are stepping in at the demand zone.
H1 Supply Zone - Price is currently reacting to an H1 supply zone, which may cause a pullback.
M15 Demand Zone - A key support area around $3,055 has been marked, where price may revisit before continuing upward.
Bullish Projection - The red arrow suggests a potential retracement into the demand zone before continuing higher.
📌 Trade Consideration:
✅ Entry Opportunity: If price retraces into the M15 demand zone and shows bullish confirmation (e.g., engulfing candles, wicks rejecting lower prices).
✅ Target: The next significant resistance level around $3,147.
✅ Stop-Loss: Below the M15 demand zone ($3,055) for a good risk-to-reward ratio.
⚠️ Risk Factors:
If price fails to hold at the demand zone, further downside movement is possible.
Supply zone rejection could trigger a deeper correction before continuing up.
Break of Structure (BoS) - Price recently broke previous support levels, indicating a shift in market direction.
Strong Bullish Momentum - The aggressive move up suggests that buyers are stepping in at the demand zone.
H1 Supply Zone - Price is currently reacting to an H1 supply zone, which may cause a pullback.
M15 Demand Zone - A key support area around $3,055 has been marked, where price may revisit before continuing upward.
Bullish Projection - The red arrow suggests a potential retracement into the demand zone before continuing higher.
📌 Trade Consideration:
✅ Entry Opportunity: If price retraces into the M15 demand zone and shows bullish confirmation (e.g., engulfing candles, wicks rejecting lower prices).
✅ Target: The next significant resistance level around $3,147.
✅ Stop-Loss: Below the M15 demand zone ($3,055) for a good risk-to-reward ratio.
⚠️ Risk Factors:
If price fails to hold at the demand zone, further downside movement is possible.
Supply zone rejection could trigger a deeper correction before continuing up.
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.