Price completed the corrective move into the 0.786 retracement (~62.4k) and reacted strongly from trendline support, exactly where a larger C/Y leg would typically terminate.
Now the market is approaching the key level:
70.9k Is The Trigger
That descending trendline + 70.9k area is the compression ceiling.
If price breaks and holds above 70.9k (1H body close):
- Upside opens toward 72k (0.382) to 76k (0.5).
If price fails to break 70.9k:
- Expect more consolidation under resistance
- Possible retrace toward 65k–63k liquidity pocket
Structure remains corrective, not impulsive
Now the market is approaching the key level:
70.9k Is The Trigger
That descending trendline + 70.9k area is the compression ceiling.
If price breaks and holds above 70.9k (1H body close):
- Upside opens toward 72k (0.382) to 76k (0.5).
If price fails to break 70.9k:
- Expect more consolidation under resistance
- Possible retrace toward 65k–63k liquidity pocket
Structure remains corrective, not impulsive
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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.
Related publications
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.