I hope to see a similar structure forming on the 4h soon.
Comment:
Observing the recent price movements, there was a rapid and significant rebound from the lower trendline, which now serves as a support level. This development effectively negates the previously anticipated scenario. The overarching bullish trend appears to remain intact. Moving forward, close attention will be paid to subsequent price actions to gauge market sentiment.
The current dynamics suggest we may be gearing up for a critical examination of the 56.5 to 57.5 cents price range. Successfully navigating through this zone could pave the way for an attempt to breach the upper declining trendline, presently situated at 60 cents. While the likelihood of reaching and testing this trendline is currently deemed low, it is anticipated that the probability of such an event will incrementally increase with each passing day.
In essence, the market's resilience at the support level underscores the prevailing upward momentum, albeit with an awareness of the key resistance levels that lie ahead. Vigilant monitoring of price action around these strategic points will be crucial in assessing the potential for continuation or reversal of the current trend.
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The current dynamics suggest we may be gearing up for a critical examination of the 56.5 to 57.5 cents price range. Successfully navigating through this zone could pave the way for an attempt to breach the upper declining trendline, presently situated at 60 cents. While the likelihood of reaching and testing this trendline is currently deemed low, it is anticipated that the probability of such an event will incrementally increase with each passing day.
In essence, the market's resilience at the support level underscores the prevailing upward momentum, albeit with an awareness of the key resistance levels that lie ahead. Vigilant monitoring of price action around these strategic points will be crucial in assessing the potential for continuation or reversal of the current trend.