The price is breaking out of a triangular consolidation that had been forming for over three months during the summer.
Near-term target: resistance zone around 3.40, which aligns with the top of the channel.
Mid-term outlook: potential development of a cup formation with resistance in the 6.50–7.50 range.
⚠️ Keep in mind that the asset remains volatile, and downside risks are still present — price action will largely depend on overall market conditions.
📌 A confirmed breakout and hold above 3.40 would significantly increase the probability of accelerated growth.
Near-term target: resistance zone around 3.40, which aligns with the top of the channel.
Mid-term outlook: potential development of a cup formation with resistance in the 6.50–7.50 range.
⚠️ Keep in mind that the asset remains volatile, and downside risks are still present — price action will largely depend on overall market conditions.
📌 A confirmed breakout and hold above 3.40 would significantly increase the probability of accelerated growth.
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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.