Resistance Rejection:
The price is nearing a strong resistance zone (~$3,004). If it fails to break through and forms a bearish pattern (e.g., triple top, bearish engulfing), a downward move could occur.
2. False Breakout:
The chart suggests an expected breakout above resistance, but a fake breakout (bull trap) could lead to a sudden reversal, trapping long positions
3. Double Top Confirmation:
A double top pattern is forming. If the price fails to maintain higher highs, this could confirm the pattern and trigger a bearish move.
4. Break of Trendline Support:
A critical trendline support is marked. If this level breaks, buyers may lose control, leading to increased selling pressure.
5. Market Sentiment & News Events:
Any major economic news (interest rate decisions, inflation data) could disrupt the technical setup, causing unexpected volatility.
Bearish Scenario If Disrupted:
If price fails at resistance and breaks below $2,996, we could see a sharp decline towards $2,988 or lower
The price is nearing a strong resistance zone (~$3,004). If it fails to break through and forms a bearish pattern (e.g., triple top, bearish engulfing), a downward move could occur.
2. False Breakout:
The chart suggests an expected breakout above resistance, but a fake breakout (bull trap) could lead to a sudden reversal, trapping long positions
3. Double Top Confirmation:
A double top pattern is forming. If the price fails to maintain higher highs, this could confirm the pattern and trigger a bearish move.
4. Break of Trendline Support:
A critical trendline support is marked. If this level breaks, buyers may lose control, leading to increased selling pressure.
5. Market Sentiment & News Events:
Any major economic news (interest rate decisions, inflation data) could disrupt the technical setup, causing unexpected volatility.
Bearish Scenario If Disrupted:
If price fails at resistance and breaks below $2,996, we could see a sharp decline towards $2,988 or lower
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.