1. Market Structure & Trend
Main Trend: The market is currently in a consolidation (sideways) phase following a previous sharp decline. Price is compressing inside a Symmetrical Triangle pattern, defined by the two converging trendlines.
Current Price Action: The price is trading around 1.16838, sitting right on the lower support trendline and near the POC (Point of Control) of the Volume Profile.
2. Key Technical Levels
Resistance: * The zone between 1.17145 – 1.17204 (the upper blue box). This is the recent local high and aligns with the descending trendline.
Support: * The zone between 1.16774 – 1.16876. This is the immediate "hard" support. If a 1h candle closes decisively below 1.16700, the bearish trend is likely to resume.
3. Volume Profile Analysis
The Volume Profile on the right shows a massive concentration of trades at the current level (1.16800 – 1.16900). This indicates a "tug-of-war" between buyers and sellers. Once the price breaks out of this high-volume node, a volatile move is expected.
Trading Scenarios
Scenario 1 (Bearish Bias): If the price breaks below the triangle’s support and closes under 1.16770, the next target could be 1.16500 or lower.
Scenario 2 (Bullish Rebound): If a strong rejection (long wick) occurs at this support, the price may bounce toward the upper trendline near 1.17100. However, there is significant overhead resistance.
Pro Tip: Since the triangle is squeezing tightly, it is often safer to wait for a confirmed breakout and a retest before entering a position.
Main Trend: The market is currently in a consolidation (sideways) phase following a previous sharp decline. Price is compressing inside a Symmetrical Triangle pattern, defined by the two converging trendlines.
Current Price Action: The price is trading around 1.16838, sitting right on the lower support trendline and near the POC (Point of Control) of the Volume Profile.
2. Key Technical Levels
Resistance: * The zone between 1.17145 – 1.17204 (the upper blue box). This is the recent local high and aligns with the descending trendline.
Support: * The zone between 1.16774 – 1.16876. This is the immediate "hard" support. If a 1h candle closes decisively below 1.16700, the bearish trend is likely to resume.
3. Volume Profile Analysis
The Volume Profile on the right shows a massive concentration of trades at the current level (1.16800 – 1.16900). This indicates a "tug-of-war" between buyers and sellers. Once the price breaks out of this high-volume node, a volatile move is expected.
Trading Scenarios
Scenario 1 (Bearish Bias): If the price breaks below the triangle’s support and closes under 1.16770, the next target could be 1.16500 or lower.
Scenario 2 (Bullish Rebound): If a strong rejection (long wick) occurs at this support, the price may bounce toward the upper trendline near 1.17100. However, there is significant overhead resistance.
Pro Tip: Since the triangle is squeezing tightly, it is often safer to wait for a confirmed breakout and a retest before entering a position.
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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.
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.