price has broken above the 2832-2833 support zone on the 1-hour timeframe, signaling a bullish reversal. If the trend continues, the next key resistance level could be 2877, followed by a move toward previous highs near 2956.
Key Levels to Watch:
Support: 2832-2833 (now turned support)
Next Target: 2877 (potential resistance)
Further Upside: 2956 (previous high zone)
Possible Scenarios:
Bullish Continuation: If momentum remains strong and price holds above 2832-2833, we could see a move toward 2877 and possibly 2956.
Pullback & Retest: If price retests 2832-2833 and holds, it could provide a better entry for a bullish continuation.
Reversal Risk: If price falls back below 2832-2833, bullish momentum could weaken.
Indicators to Watch:
Moving Averages: Are they sloping upward? (Confirming bullish trend)
RSI: Overbought (>70) could signal a pullback; above 50 confirms bullish strength.
Volume: Increasing volume on the breakout supports the trend.
Key Levels to Watch:
Support: 2832-2833 (now turned support)
Next Target: 2877 (potential resistance)
Further Upside: 2956 (previous high zone)
Possible Scenarios:
Bullish Continuation: If momentum remains strong and price holds above 2832-2833, we could see a move toward 2877 and possibly 2956.
Pullback & Retest: If price retests 2832-2833 and holds, it could provide a better entry for a bullish continuation.
Reversal Risk: If price falls back below 2832-2833, bullish momentum could weaken.
Indicators to Watch:
Moving Averages: Are they sloping upward? (Confirming bullish trend)
RSI: Overbought (>70) could signal a pullback; above 50 confirms bullish strength.
Volume: Increasing volume on the breakout supports the trend.
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.