Overview
This chart from TradingView depicts a potential bullish reversal setup. The price recently bounced off a major support level and is expected to move upward toward a defined resistance zone.
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Key Zones
1. Support Level (Highlighted in Gray)
The support zone around $178–$182 has held multiple times in the past.
A strong bullish reaction (large green candle) occurred here, confirming buying interest.
2. Resistance Zone (Highlighted in Purple)
The target zone is between $200–$204, where price previously faced heavy selling pressure.
This is the key take-profit region for the bullish move.
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Price Action & Structure
The market experienced a sharp decline before hitting the support level.
A bullish rejection candle (marked with an orange circle and red arrow) indicates possible reversal momentum.
The chart suggests a retracement or consolidation (zigzag pattern) before continuing upward.
The projection shows a move from approximately $182 → $202, aligning with a risk-reward ratio of around 1:3 (green = profit zone, red = stop-loss zone).
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Trading Plan (Illustrated)
Entry: Near the support bounce (~$182–$184)
Stop Loss: Below support zone (~$176)
Target: Resistance zone (~$202–$204)
Expected Move: Approximately +20 USD gain (10–12% upside potential)
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Volume Observation
A visible spike in volume at the support level strengthens the bullish reversal thesis — showing institutional buying or strong trader participation.
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Summary
Bias: Bullish
Setup Type: Support bounce → resistance retest
Target: $202–$204 (resistance zone)
Invalidation: Break below $176
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Conclusion:
This chart outlines a classic buy setup from a major support zone with a favorable risk-to-reward ratio. Confirmation of momentum above $186 could trigger continuation toward the $200–$204 resistance zone.
This chart from TradingView depicts a potential bullish reversal setup. The price recently bounced off a major support level and is expected to move upward toward a defined resistance zone.
---
Key Zones
1. Support Level (Highlighted in Gray)
The support zone around $178–$182 has held multiple times in the past.
A strong bullish reaction (large green candle) occurred here, confirming buying interest.
2. Resistance Zone (Highlighted in Purple)
The target zone is between $200–$204, where price previously faced heavy selling pressure.
This is the key take-profit region for the bullish move.
---
Price Action & Structure
The market experienced a sharp decline before hitting the support level.
A bullish rejection candle (marked with an orange circle and red arrow) indicates possible reversal momentum.
The chart suggests a retracement or consolidation (zigzag pattern) before continuing upward.
The projection shows a move from approximately $182 → $202, aligning with a risk-reward ratio of around 1:3 (green = profit zone, red = stop-loss zone).
---
Trading Plan (Illustrated)
Entry: Near the support bounce (~$182–$184)
Stop Loss: Below support zone (~$176)
Target: Resistance zone (~$202–$204)
Expected Move: Approximately +20 USD gain (10–12% upside potential)
---
Volume Observation
A visible spike in volume at the support level strengthens the bullish reversal thesis — showing institutional buying or strong trader participation.
---
Summary
Bias: Bullish
Setup Type: Support bounce → resistance retest
Target: $202–$204 (resistance zone)
Invalidation: Break below $176
---
Conclusion:
This chart outlines a classic buy setup from a major support zone with a favorable risk-to-reward ratio. Confirmation of momentum above $186 could trigger continuation toward the $200–$204 resistance zone.
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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.
JOIN MY TELEGRAM CHANNEL LINK 👇🏻
t.me/+rhl6j9V6CA83YmJk
t.me/+rhl6j9V6CA83YmJk
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.