1. Trend Structure & Key Levels:
Downtrend Formation: The price is following a descending trendline (marked in blue), showing a continuous bearish structure.
Key Resistance (Breakout Point): $3,004 – If the price breaks above this level, it could indicate a bullish trend reversal.
Key Support (Breakdown Point): $2,980 – If the price falls below this level, further bearish momentum is expected.
2. Trading Plan & Confirmation:
Bullish Case (Breakout Above $3,004):
A strong breakout above this level, followed by retests as support, can confirm a bullish trend.
Potential upside targets: $3,020 - $3,050.
Bearish Case (Breakdown Below $2,980):
A breakdown below this key support level with volume confirmation would signal further bearish movement.
Possible targets: $2,970 - $2,960.
3. Expected Market Movement:
The dotted line projection indicates that price could consolidate around $2,980 before a strong downward push if no bullish breakout occurs.
A breakout above the descending trendline may lead to a bullish rally.
4. Conclusion:
Waiting for Confirmation: Traders should wait for a clear breakout above $3,004 or a breakdown below $2,980 before entering trades.
Short Bias Until Breakout: Given the current structure, bearish momentum remains dominant unless a strong bullish breakout invalidates it.
Downtrend Formation: The price is following a descending trendline (marked in blue), showing a continuous bearish structure.
Key Resistance (Breakout Point): $3,004 – If the price breaks above this level, it could indicate a bullish trend reversal.
Key Support (Breakdown Point): $2,980 – If the price falls below this level, further bearish momentum is expected.
2. Trading Plan & Confirmation:
Bullish Case (Breakout Above $3,004):
A strong breakout above this level, followed by retests as support, can confirm a bullish trend.
Potential upside targets: $3,020 - $3,050.
Bearish Case (Breakdown Below $2,980):
A breakdown below this key support level with volume confirmation would signal further bearish movement.
Possible targets: $2,970 - $2,960.
3. Expected Market Movement:
The dotted line projection indicates that price could consolidate around $2,980 before a strong downward push if no bullish breakout occurs.
A breakout above the descending trendline may lead to a bullish rally.
4. Conclusion:
Waiting for Confirmation: Traders should wait for a clear breakout above $3,004 or a breakdown below $2,980 before entering trades.
Short Bias Until Breakout: Given the current structure, bearish momentum remains dominant unless a strong bullish breakout invalidates it.
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.