Market Structure: The price is moving within a well-defined channel, with lower highs and lower lows indicating a bearish structure. Currently, the price is approaching the channel's resistance level, which has historically acted as a strong barrier for upward movements.
Forecast: A sell opportunity may arise if the price reaches the channel resistance and confirms rejection, signaling the potential for a move toward the channel's lower boundary.
Key Levels to Watch: - Entry Zone: Near the channel resistance after confirmation of rejection or bearish signals. - Risk Management: - Stop Loss: Placed above the channel resistance or the recent swing high to manage risk. - Take Profit: Target the midline or lower boundary of the channel for potential downside movement.
Market Sentiment: The bearish channel structure suggests selling pressure dominates. Waiting for the price to touch the resistance and confirm rejection provides a strategic entry point aligned with the overall trend.
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