🟡 Key Chart Elements:
1️⃣ Strong Resistance Area
This is marked with a red zone at the top.
This area is where sellers have historically stepped in, pushing the price down.
Price action is currently testing this area, indicating potential rejection or consolidation.
2️⃣ Demand Area
Marked in green at the bottom.
This is a previous area where buyers stepped in with strong momentum.
Price could bounce from here if it retraces.
3️⃣ Trendline Support
An upward-sloping white trendline acts as dynamic support.
Price has been respecting this trendline; any break below it might signal bearish momentum.
4️⃣ Yellow Zig-Zag Patterns
These lines represent price action forecasts or possible scenarios.
They show:
An initial bounce off resistance and then a potential retracement.
A deeper pullback towards the demand zone.
A final strong bullish move after retesting the lower support.
🔑 Scenario 1: (Left Side of Chart)
✅ Price is currently testing the strong resistance area while riding the trendline.
✅ If price respects this trendline and breaks above resistance, a continuation to the upside is expected.
✅ A stop-loss would typically be placed below the trendline.
✅ A take-profit could target previous highs near $107,000–$108,000.
🔑 Scenario 2: (Right Side of Chart)
✅ Shows a deeper retracement scenario:
Price breaks the trendline, heading toward the demand area (around $99,000).
After bouncing from demand, price respects the trendline from below, forming a bullish structure.
Once price stabilizes and reclaims the trendline, a strong bullish breakout is anticipated.
🔍 Suggested Trading Plan:
🔹 Aggressive Bulls:
Look for a break and retest above the strong resistance area (red zone).
Enter on confirmation with a tight stop below the trendline.
🔹 Conservative Bulls:
Wait for a deeper pullback into the demand area and the yellow projected structure.
Enter near $99,000 after confirmation (e.g., bullish engulfing candle or strong bounce).
🔹 Bears:
Watch for a strong rejection from the resistance area with a break of the trendline.
Consider shorting toward the demand area with a stop above the resistance zone.
💡 Conclusion:
Your chart suggests both bullish and bearish scenarios depending on price action near the key levels:
Strong resistance (~$106,000–$107,000)
Demand area (~$99,000–$100,000)
Trendline support (dynamic level)
Traders should watch for confirmation (e.g., break and retest, engulfing candles) before entering trades.
1️⃣ Strong Resistance Area
This is marked with a red zone at the top.
This area is where sellers have historically stepped in, pushing the price down.
Price action is currently testing this area, indicating potential rejection or consolidation.
2️⃣ Demand Area
Marked in green at the bottom.
This is a previous area where buyers stepped in with strong momentum.
Price could bounce from here if it retraces.
3️⃣ Trendline Support
An upward-sloping white trendline acts as dynamic support.
Price has been respecting this trendline; any break below it might signal bearish momentum.
4️⃣ Yellow Zig-Zag Patterns
These lines represent price action forecasts or possible scenarios.
They show:
An initial bounce off resistance and then a potential retracement.
A deeper pullback towards the demand zone.
A final strong bullish move after retesting the lower support.
🔑 Scenario 1: (Left Side of Chart)
✅ Price is currently testing the strong resistance area while riding the trendline.
✅ If price respects this trendline and breaks above resistance, a continuation to the upside is expected.
✅ A stop-loss would typically be placed below the trendline.
✅ A take-profit could target previous highs near $107,000–$108,000.
🔑 Scenario 2: (Right Side of Chart)
✅ Shows a deeper retracement scenario:
Price breaks the trendline, heading toward the demand area (around $99,000).
After bouncing from demand, price respects the trendline from below, forming a bullish structure.
Once price stabilizes and reclaims the trendline, a strong bullish breakout is anticipated.
🔍 Suggested Trading Plan:
🔹 Aggressive Bulls:
Look for a break and retest above the strong resistance area (red zone).
Enter on confirmation with a tight stop below the trendline.
🔹 Conservative Bulls:
Wait for a deeper pullback into the demand area and the yellow projected structure.
Enter near $99,000 after confirmation (e.g., bullish engulfing candle or strong bounce).
🔹 Bears:
Watch for a strong rejection from the resistance area with a break of the trendline.
Consider shorting toward the demand area with a stop above the resistance zone.
💡 Conclusion:
Your chart suggests both bullish and bearish scenarios depending on price action near the key levels:
Strong resistance (~$106,000–$107,000)
Demand area (~$99,000–$100,000)
Trendline support (dynamic level)
Traders should watch for confirmation (e.g., break and retest, engulfing candles) before entering trades.
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.