Price has continued to push higher after breaking above the long-term descending trendline, with very little resistance standing in the way. The breakout was strong and impulsive, showing clear commitment from buyers rather than a temporary spike.
Price then pulled back into the breakout area for a retest. More importantly, sellers failed to push price back below the broken structure, confirming that the breakout remains intact and buyers are still in control.
With price holding firmly above this reclaimed area, I continue to lean bullish toward the next upside target around 4,678.
Price then pulled back into the breakout area for a retest. More importantly, sellers failed to push price back below the broken structure, confirming that the breakout remains intact and buyers are still in control.
With price holding firmly above this reclaimed area, I continue to lean bullish toward the next upside target around 4,678.
Trade active
We are seeing buyers start to enter the market, but sellers are doing the same, so I am monitoring the situation closely.
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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.