Price is currently in a strong downtrend, forming lower highs and lower lows. The market has reached a key support zone (highlighted in green), which has acted as a previous reaction level.
Trendline:
A clear descending trendline shows continuous selling pressure. Price is now consolidating just below this line, suggesting a potential breakout setup.
Scenarios:
1. Bullish Breakout:
• A strong close above the descending trendline with volume confirmation could trigger a reversal or retracement move.
• Upside Target: Toward the next resistance area around 4,200–4,250.
• Confirmation: Retest of the broken trendline as new support.
2. Bearish Continuation:
• If price fails to break above and rejects the trendline, a continuation to the downside is likely.
• Downside Target: Toward 4,000–3,960 area (next support zone).
• Confirmation: Breakdown below the green demand zone.
Key Levels:
• Support: 4,080 – 4,100
• Resistance: 4,160 – 4,200
Bias: Neutral → Waiting for breakout confirmation before taking direction.
Trendline:
A clear descending trendline shows continuous selling pressure. Price is now consolidating just below this line, suggesting a potential breakout setup.
Scenarios:
1. Bullish Breakout:
• A strong close above the descending trendline with volume confirmation could trigger a reversal or retracement move.
• Upside Target: Toward the next resistance area around 4,200–4,250.
• Confirmation: Retest of the broken trendline as new support.
2. Bearish Continuation:
• If price fails to break above and rejects the trendline, a continuation to the downside is likely.
• Downside Target: Toward 4,000–3,960 area (next support zone).
• Confirmation: Breakdown below the green demand zone.
Key Levels:
• Support: 4,080 – 4,100
• Resistance: 4,160 – 4,200
Bias: Neutral → Waiting for breakout confirmation before taking direction.
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.