Another dip below lower trendline and another nice recovery to form a hammer reversal pattern. D1/W1 charts look like they could follow if momentum continues.
Highlighted zone is where I believe the price should maintain if we want to attempt a (bullish) breakout.
Current resistance holding around 3900 with major somewhere between 3950-4k. Test zone at 4100 but depending on the severity of sideways action it could also be at 4k.
Be wary buying here in the chance this is one last sellout setup. Price has been consolidating towards low which makes it seem like the market is looking for correction.
Support recovery has been strong which is a plus, but the high volatility lately makes it much riskier and prone to a (bearish) breakout. 3600 is my trigger to sell.
Highlighted zone is where I believe the price should maintain if we want to attempt a (bullish) breakout.
Current resistance holding around 3900 with major somewhere between 3950-4k. Test zone at 4100 but depending on the severity of sideways action it could also be at 4k.
Be wary buying here in the chance this is one last sellout setup. Price has been consolidating towards low which makes it seem like the market is looking for correction.
Support recovery has been strong which is a plus, but the high volatility lately makes it much riskier and prone to a (bearish) breakout. 3600 is my trigger to sell.
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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.