🔻 Trend
You have a clear downtrend (a descending channel marked with lines).
Price respects the upper boundary of the channel → any retest = rejection.
📍 Current Situation
Price is now inside the channel, after being rejected from the upper band.
We see:
a fake breakout (breakout + quick return)
no continuation of the uptrend → buyers' weakness
📊 Key Levels
Resistance:
615 – local resistance (already rejected)
640 – strong HTF level (if the channel breaks)
Support:
597 – current fight zone
580 – strong support (there was a reaction)
552 – next target if it goes lower
🧠 Interpretation
👉 While we are in the channel:
bias = short
longs are only scalp/risk-based
👉 RSI:
slightly overbought → supportive Bearish scenario
🔥 Scenarios
1. Bearish (more likely)
rejection of 605–615
decline to:
597 → test
580 → main target
possibly 552
2. Bullish (only if…)
breakout of the upper channel line
retest and hold above it
then target:
615 → 640
You have a clear downtrend (a descending channel marked with lines).
Price respects the upper boundary of the channel → any retest = rejection.
📍 Current Situation
Price is now inside the channel, after being rejected from the upper band.
We see:
a fake breakout (breakout + quick return)
no continuation of the uptrend → buyers' weakness
📊 Key Levels
Resistance:
615 – local resistance (already rejected)
640 – strong HTF level (if the channel breaks)
Support:
597 – current fight zone
580 – strong support (there was a reaction)
552 – next target if it goes lower
🧠 Interpretation
👉 While we are in the channel:
bias = short
longs are only scalp/risk-based
👉 RSI:
slightly overbought → supportive Bearish scenario
🔥 Scenarios
1. Bearish (more likely)
rejection of 605–615
decline to:
597 → test
580 → main target
possibly 552
2. Bullish (only if…)
breakout of the upper channel line
retest and hold above it
then target:
615 → 640
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.