🔥 Pattern Recognition, Market Structure, and Trade Decision
📌 Key Observations From Your Chart
1️⃣ Recognized Chart Pattern
Symmetrical Triangle Breakout (Bullish Breakout Confirmed)
Price broke above the triangle resistance, signaling bullish momentum.
The breakout candle closed above the key resistance at $2,920, confirming the move.
Breakout Confirmation:
Strong bullish volume spike supporting the breakout.
No immediate rejection wicks → This suggests continuation rather than a fakeout.
2️⃣ Support & Resistance Levels (Institutional Zones)
🔹 Strong Institutional Support Zones (New Demand Areas)
$2,910 - $2,912 → Previous resistance, now turned support.
$2,902 - $2,906 → Key demand zone (if price retraces).
$2,890 → Major institutional accumulation zone.
🔸 Major Institutional Resistance Zones (Profit-Taking Areas)
$2,926 - $2,930 → Next key liquidity area.
$2,950 → High-probability target if momentum continues.
📉 Candlestick & Price Action Analysis
Strong Bullish Breakout Candle Above Triangle → Indicates Momentum Continuation.
No Immediate Wick Rejection at $2,920 → Buyers Are in Control.
If Next Candle Holds Above $2,921, Expect Further Upside Toward $2,926 - $2,930.
📢 Trade Decision – Should You Buy or Sell?
🚀 Best Trade Setup: Buy on Retest of $2,920
✅ Buy Entry: $2,920 - $2,921 (Breakout Retest Entry)
🎯 Target:
TP1: $2,926
TP2: $2,930
TP3: $2,950
❌ Stop-Loss: Below $2,910 (Invalidates breakout).
📌 Confirmation Needed: If price holds above $2,921, it confirms a bullish move.
🚨 Alternative Plan: Sell Only If Price Reclaims Below $2,910
🔻 Sell Entry: If price rejects $2,921 and drops back below $2,910.
🎯 Target:
TP1: $2,902
TP2: $2,892
❌ Stop-Loss: Above $2,926 (Breakout invalidation).
📌 Confirmation Needed: Only sell if price fails to hold $2,910.
🔥 Final Verdict – Buy or Sell?
📌 BUY on breakout retest at $2,920 - $2,921.
📌 If price fails to hold above $2,910, consider selling back to $2,902.
💰 Bullish momentum is in control—monitor for volume confirmation! 🚀📊
📌 Key Observations From Your Chart
1️⃣ Recognized Chart Pattern
Symmetrical Triangle Breakout (Bullish Breakout Confirmed)
Price broke above the triangle resistance, signaling bullish momentum.
The breakout candle closed above the key resistance at $2,920, confirming the move.
Breakout Confirmation:
Strong bullish volume spike supporting the breakout.
No immediate rejection wicks → This suggests continuation rather than a fakeout.
2️⃣ Support & Resistance Levels (Institutional Zones)
🔹 Strong Institutional Support Zones (New Demand Areas)
$2,910 - $2,912 → Previous resistance, now turned support.
$2,902 - $2,906 → Key demand zone (if price retraces).
$2,890 → Major institutional accumulation zone.
🔸 Major Institutional Resistance Zones (Profit-Taking Areas)
$2,926 - $2,930 → Next key liquidity area.
$2,950 → High-probability target if momentum continues.
📉 Candlestick & Price Action Analysis
Strong Bullish Breakout Candle Above Triangle → Indicates Momentum Continuation.
No Immediate Wick Rejection at $2,920 → Buyers Are in Control.
If Next Candle Holds Above $2,921, Expect Further Upside Toward $2,926 - $2,930.
📢 Trade Decision – Should You Buy or Sell?
🚀 Best Trade Setup: Buy on Retest of $2,920
✅ Buy Entry: $2,920 - $2,921 (Breakout Retest Entry)
🎯 Target:
TP1: $2,926
TP2: $2,930
TP3: $2,950
❌ Stop-Loss: Below $2,910 (Invalidates breakout).
📌 Confirmation Needed: If price holds above $2,921, it confirms a bullish move.
🚨 Alternative Plan: Sell Only If Price Reclaims Below $2,910
🔻 Sell Entry: If price rejects $2,921 and drops back below $2,910.
🎯 Target:
TP1: $2,902
TP2: $2,892
❌ Stop-Loss: Above $2,926 (Breakout invalidation).
📌 Confirmation Needed: Only sell if price fails to hold $2,910.
🔥 Final Verdict – Buy or Sell?
📌 BUY on breakout retest at $2,920 - $2,921.
📌 If price fails to hold above $2,910, consider selling back to $2,902.
💰 Bullish momentum is in control—monitor for volume 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.