A previous upward trend was broken, leading to a shift in market direction.
After the uptrend was broken, the price followed a downtrend but has now broken out of this downward channel.
A symmetrical triangle pattern has formed, indicating price consolidation.
Range Trading Strategy (If No Breakout Occurs)
If the price continues bouncing between $2,850 and $2,950, traders can trade within the range:
Buy near $2,860–$2,870 (support level).
Sell near $2,940–$2,950 (resistance level).
Bullish Breakout: If the price breaks above the upper resistance zone (around $2,950+), it could trigger a strong upside move.
Entry: Buy above $2,930–$2,950 with confirmation.
Target 1: $2,980
Target 2: $3,020 (Psychological Resistance)
Bearish Breakout: If the price drops below support (around $2,850), it may continue downward.
Entry: Sell below $2,880.
Target 1: $2,830
Target 2: $2,780
After the uptrend was broken, the price followed a downtrend but has now broken out of this downward channel.
A symmetrical triangle pattern has formed, indicating price consolidation.
Range Trading Strategy (If No Breakout Occurs)
If the price continues bouncing between $2,850 and $2,950, traders can trade within the range:
Buy near $2,860–$2,870 (support level).
Sell near $2,940–$2,950 (resistance level).
Bullish Breakout: If the price breaks above the upper resistance zone (around $2,950+), it could trigger a strong upside move.
Entry: Buy above $2,930–$2,950 with confirmation.
Target 1: $2,980
Target 2: $3,020 (Psychological Resistance)
Bearish Breakout: If the price drops below support (around $2,850), it may continue downward.
Entry: Sell below $2,880.
Target 1: $2,830
Target 2: $2,780
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.