Crucial to observe Price action on Monday and TuesdayDisclaimer: This is solely a personal opinion and not investment advice. Please conduct your own assessment before making any decisions.
The market performance last week aligned with prior expectations.
Price maintaining an upward trend from Monday to Thursday. On Friday, prices saw a noticeable pullback; however, the decline was limited and did not break the previous low, remaining above 21,436.
If bearish, next week, the price should break below 21,436 between Monday and Tuesday, with any rebound likely staying below 22,000. If the price successfully breaks below 21,436, short opportunities can be considered in the 21,700–21,950 range, with downside targets at 20,870, 20,648, and 20,549.
However, in my opinion, the probability of this scenario is relatively low at the moment. The market is still maintaining a bullish structure with higher highs and higher lows. It is likely that the price will find support around 21436.
If the price fails to break below 21,436 effectively on Monday or Tuesday and instead rebounds with solid support near this level, the market is more likely to maintain its upward trend. In this case, long opportunities could be considered on dips, with an upside target of 22,300–22,465. If the bulls gain control, there is a high probability that the price will retest 21,950 between Monday and Tuesday. However, if the price fails to retest 21,950 and remains above 21,700, it may indicate weak bullish momentum, suggesting a potential further decline.
Next week, it will be crucial to observe the market’s performance on Monday and Tuesday to further assess its direction.
