An uptrend may be forming here. Sellers have tired out and been met with significant bullish strength.
Price strongly rejected the supply area and proceeded to rise.
Will be looking for a breakout and retest of the trend line for long positions.
Analysis also provided on the chart. Price has broken the uptrend. Will be looking for a retest and then a drop.
However, it is a weekly uptrend line which has held numerous times (both indications of it holding strength) so this may just be a fakeout.
What price does over next week should indicate what will happen.
Be wary of long positions in this pair over...
Keeping an eye on this pair, what price does once in the highlighted area should show what will happen. Either price rejects the resistance and drops back down to the highlighted price, or it'll retest the trend line and head up towards the other marked price
Huge swing trade here, will take a few weeks most likely to fulfil. The liquidity spike knocked out all sell orders until the marked key supply zone so price will eventually move up to that level. Perfect area for potential long opportunities.
Price rejected the supply area and has made its way back down as we draw to todays close, leaving a lengthy wick on the top of todays candle. The pair could see a bearish run down to the next area of support, with the tp being halfway up the bullish candle to respect the market's movements.
Price has entered a monthly supply zone. Price is still bullish but its momentum is slowly depleting. Will be looking for bears to take control in the next couple days providing a reversal confirmation.
Update on the last idea, price has retraced back towards the demand zone, engulfing the resistance/support line in doing so, this is an even better opportunity to catch a long. We must wait for a reversal confirmation first.
This is a nice potential long position to enter if you missed the point of reversal in the demand zone below. The entry area in question is the zone marked at the previous area of support.
It has already been tested by the current wick and held up displaying the fact that it remains strong. Personally, I'm placing a buy limit there.