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Triangle Formation
Top Line of the Triangle: A descending trendline forming the upper boundary of the triangle, showing a gradual decline in lower highs.
Bottom Line of the Triangle: An ascending trendline forming the lower boundary of the triangle, highlighting higher lows, indicating potential consolidation.
Support and Resistance Zones
Support Area: Around $248 to $244, providing strong buying interest as price approached the bottom of the triangle.
Resistance Area: Between $264 to $268, acting as a ceiling where selling pressure is evident.
Flip Area
Located near $223 to $233. This zone was a previous resistance level and has flipped into support, reinforcing the bullish structure below.
Price Expectation
A potential bounce is expected off the bottom trendline of the triangle near $248.
Once price consolidates and breaks above the resistance area at $264–$268, it may surge toward the upper target zone around $277 to $282.
Key Levels to Monitor
Support: $248 to $244
Resistance: $264 to $268
Target Area: $277 to $282
Conclusion
The current market is consolidating within a triangle. A breakout above the resistance area could signal a bullish continuation to higher levels.
If price fails to hold the support, the next significant zone to watch is the FLIP area near $223–$233.
