Market Structure & Trend:
The chart shows a strong bullish move followed by a correction.
The price has reached a key resistance area near $2,816 - $2,829, where selling pressure is observed.
A potential bearish setup is forming, indicating a possible price decline.
Key Observations:
Bearish Setup:
A short trade setup is marked with a stop-loss above resistance (~$2,829).
The take-profit target is near $2,786, aligning with previous demand levels.
Support & Demand Zone:
A yellow demand zone (H1) is marked around $2,776 - $2,786, which could act as a strong support area.
If price reaches this zone, buyers might step in for a potential reversal.
Trendline & Structure:
The chart shows a possible break of the rising trendline, supporting a bearish move.
If price fails to break below $2,786, consolidation or a bullish bounce might occur.
Trading Plan:
Bearish Bias:
Entry: Near $2,812 - $2,816
Stop-Loss: Above $2,829
Take-Profit: $2,786, with potential extension to $2,776
Bullish Reversal Possibility:
If price strongly reacts at the H1 demand zone, buyers could enter for a reversal back to $2,800+
The chart shows a strong bullish move followed by a correction.
The price has reached a key resistance area near $2,816 - $2,829, where selling pressure is observed.
A potential bearish setup is forming, indicating a possible price decline.
Key Observations:
Bearish Setup:
A short trade setup is marked with a stop-loss above resistance (~$2,829).
The take-profit target is near $2,786, aligning with previous demand levels.
Support & Demand Zone:
A yellow demand zone (H1) is marked around $2,776 - $2,786, which could act as a strong support area.
If price reaches this zone, buyers might step in for a potential reversal.
Trendline & Structure:
The chart shows a possible break of the rising trendline, supporting a bearish move.
If price fails to break below $2,786, consolidation or a bullish bounce might occur.
Trading Plan:
Bearish Bias:
Entry: Near $2,812 - $2,816
Stop-Loss: Above $2,829
Take-Profit: $2,786, with potential extension to $2,776
Bullish Reversal Possibility:
If price strongly reacts at the H1 demand zone, buyers could enter for a reversal back to $2,800+
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.