Chart Analysis — Rounded Bottom Reversal Toward Key Resistance
Here’s a clean breakdown of what this chart is saying 👇
Market Structure
Price formed a rounded bottom (cup-like reversal) after a sharp selloff, signaling exhaustion from sellers and a gradual shift to buyers.
The lowest point (circled) shows strong demand absorption, followed by higher lows → early trend reversal behavior.
Key Levels
Support zone: ~4,890–4,950
This area held firmly and acted as the base for the bounce. Buyers consistently defended it.
Entry zone: Just above support
The pullback into prior support + bullish reaction suggests a safe long entry on confirmation.
Mid resistance: ~5,100
Price already reclaimed this zone, flipping it from resistance into short-term support.
Major resistance / target: ~5,210–5,250
This is the next liquidity zone and logical profit target, aligned with previous supply.
Momentum & Price Action
The white projected path shows a bullish continuation scenario:
Break and hold above 5,100
Brief consolidation / retest
Push toward the upper resistance band
No immediate signs of distribution yet; momentum favors continuation unless price loses the support zone.
Bias
Bullish while above ~4,950
Invalidation if price accepts back below support with strong bearish candles.
Trade Idea Summary
Bias: 📈 Bullish continuation
Entry: Support retest / bullish confirmation
Target: 5,210–5,250
Risk: Breakdown below support
