Price has recently shown signs of bullish intent after a clear CHoCH (Change of Character), breaking above previous lower highs. This shift suggests potential accumulation following the BOS (Break of Structure) to the downside earlier.
Key Levels:
Resistance (R) Zone: Currently testing this supply area. A strong close above could confirm continuation.
Support Zone: Below, previous demand and BOS zone, likely to act as support if price rejects.
Bullish Scenario:
A clean breakout and retest of the resistance zone could open up a push towards higher targets, confirming bullish momentum.
Bearish Scenario:
If price rejects strongly from resistance, we may see a return to the lower support zone and potentially break it to reach the lower target.
Watch for confirmation before entering, and manage risk accordingly.
Key Levels:
Resistance (R) Zone: Currently testing this supply area. A strong close above could confirm continuation.
Support Zone: Below, previous demand and BOS zone, likely to act as support if price rejects.
Bullish Scenario:
A clean breakout and retest of the resistance zone could open up a push towards higher targets, confirming bullish momentum.
Bearish Scenario:
If price rejects strongly from resistance, we may see a return to the lower support zone and potentially break it to reach the lower target.
Watch for confirmation before entering, and manage risk accordingly.
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.