Market Outlook
Trend
* The medium-term trend remains bearish, with price continuing to trade within a descending channel and still unable to break the Lower High market structure.
* Price is currently reacting from the 3,963 support zone, but it must break above the descending trendline to confirm a bullish reversal.
Resistance Levels
🔵 4,095 – Immediate resistance, aligned with the descending trendline and a key supply zone.
🔵 4,200 – Major resistance and the next upside target if a successful breakout occurs.
* An H4 candle close above 4,095 would confirm a breakout from the descending channel and open the door for further gains toward 4,200.
* If price is rejected at this level, the bearish trend is likely to resume.
Support Levels
🟢 3,963 – Immediate support and a key demand zone currently supporting price.
🟢 3,850 – Strong support and the next downside target if the current support is broken.
* Holding above 3,963 keeps the short-term recovery scenario intact.
* An H4 candle close below 3,963 would confirm a bearish breakout and increase the probability of a decline toward 3,850.
⸻
Trading Scenarios
📈 Bullish Scenario: Price holds above 3,963 and breaks above 4,095, opening the way toward 4,200.
📉 Bearish Scenario: An H4 candle closes below 3,963, targeting 3,850. Alternatively, if price rallies to 4,095 but is rejected, the preferred strategy remains to sell in line with the prevailing downtrend.
Trend
* The medium-term trend remains bearish, with price continuing to trade within a descending channel and still unable to break the Lower High market structure.
* Price is currently reacting from the 3,963 support zone, but it must break above the descending trendline to confirm a bullish reversal.
Resistance Levels
🔵 4,095 – Immediate resistance, aligned with the descending trendline and a key supply zone.
🔵 4,200 – Major resistance and the next upside target if a successful breakout occurs.
* An H4 candle close above 4,095 would confirm a breakout from the descending channel and open the door for further gains toward 4,200.
* If price is rejected at this level, the bearish trend is likely to resume.
Support Levels
🟢 3,963 – Immediate support and a key demand zone currently supporting price.
🟢 3,850 – Strong support and the next downside target if the current support is broken.
* Holding above 3,963 keeps the short-term recovery scenario intact.
* An H4 candle close below 3,963 would confirm a bearish breakout and increase the probability of a decline toward 3,850.
⸻
Trading Scenarios
📈 Bullish Scenario: Price holds above 3,963 and breaks above 4,095, opening the way toward 4,200.
📉 Bearish Scenario: An H4 candle closes below 3,963, targeting 3,850. Alternatively, if price rallies to 4,095 but is rejected, the preferred strategy remains to sell in line with the prevailing downtrend.
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.
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.