As you can see, the price was in a bullish cycle: it finished its 2-leg spike and the channel ended with an exhaustion gap and created new ATH. After that the tradingrange phase started in 2 modes: first it created a bullish wedge ( bearish channel ) and then, it created a classic trading range. The momentum is weak because of the size of the candles and can not expect the pr
parts of the chart are as bellow:
1- Maroon boxes ( at right ) are highs and lows of the trading range,
2- White lines are bullish wedge ( bearish channel ),
3- Maroon boxes ( at left ) are cycle separators,
4- Orange line is the dynamic support/resistance line which has played both sides ( sometimes it supports and sometimes it resists clearly ).
5- Maroon line is the support inside the classic trading range.
The momentum is weak because of the size of the candles and can not expect the price to make a break out of the dynamic line ( current resistance ). Also the bearish trend candle suggests that the price will fall down to the inside- support and then make an up to the dynamic line and again bounces in there for a while and then, make a break out of the dynamic line and make a pullback to it and go up to touch the high of the trading range. At that level, we need to look at the chart again and analyse the context and the momentum. So the first tp will be the high of the trading range.
*P.S: This is just a personal view and do not consider it as a trading signal or any other financial activity.
parts of the chart are as bellow:
1- Maroon boxes ( at right ) are highs and lows of the trading range,
2- White lines are bullish wedge ( bearish channel ),
3- Maroon boxes ( at left ) are cycle separators,
4- Orange line is the dynamic support/resistance line which has played both sides ( sometimes it supports and sometimes it resists clearly ).
5- Maroon line is the support inside the classic trading range.
The momentum is weak because of the size of the candles and can not expect the price to make a break out of the dynamic line ( current resistance ). Also the bearish trend candle suggests that the price will fall down to the inside- support and then make an up to the dynamic line and again bounces in there for a while and then, make a break out of the dynamic line and make a pullback to it and go up to touch the high of the trading range. At that level, we need to look at the chart again and analyse the context and the momentum. So the first tp will be the high of the trading range.
*P.S: This is just a personal view and do not consider it as a trading signal or any other financial activity.