Overall Trend: The chart shows a corrective movement following a previous uptrend. The price was in an upward trend until it reached around the 2,940 USD area, then began a gradual decline.
1️⃣ Fibonacci Retracement Levels:
The Fibonacci retracement tool is applied, showing key levels:
38.2% at 2,919.41
50.0% at 2,931.35
61.8% at 2,943.30
78.6% at 2,960.32
100% at 2,982.00
📌 The price is currently trading around the 61.8% level, which is a strong resistance area.
2️⃣ Support & Resistance Levels:
Support levels: 2,918.00 & 2,908.65 🟢
Resistance levels: 2,935.29 (current price zone) & 2,960.32 🔴
📊 If the price breaks above 2,943.30, the next target could be 2,960.32.
3️⃣ Moving Averages:
A blue moving average is trending upwards 📈, indicating bullish momentum.
4️⃣ Volume Analysis:
Increasing volume 📊 is supporting the uptrend, which is a positive sign for bulls 🐂.
Potential Scenarios:
1️⃣ Bullish Case: If the price breaks above 2,943.30 (61.8% Fib), we could see a rally towards 2,960.32 and possibly 2,982.00 🚀.
2️⃣ Bearish Case: If the price fails to break resistance, it may retrace to 2,919.41 or 2,908.65 for support 📉.
🔎 Conclusion:
✅ The overall trend is bullish, but 2,943.30 is a critical resistance level.
✅ A break above 2,935.29 increases the chance of further gains 📊.
❌ A drop below 2,918.00 could lead to a downward correction.
📢 Key Levels to Watch: 2,943.30, 2,960.32, 2,918.00.
1️⃣ Fibonacci Retracement Levels:
The Fibonacci retracement tool is applied, showing key levels:
38.2% at 2,919.41
50.0% at 2,931.35
61.8% at 2,943.30
78.6% at 2,960.32
100% at 2,982.00
📌 The price is currently trading around the 61.8% level, which is a strong resistance area.
2️⃣ Support & Resistance Levels:
Support levels: 2,918.00 & 2,908.65 🟢
Resistance levels: 2,935.29 (current price zone) & 2,960.32 🔴
📊 If the price breaks above 2,943.30, the next target could be 2,960.32.
3️⃣ Moving Averages:
A blue moving average is trending upwards 📈, indicating bullish momentum.
4️⃣ Volume Analysis:
Increasing volume 📊 is supporting the uptrend, which is a positive sign for bulls 🐂.
Potential Scenarios:
1️⃣ Bullish Case: If the price breaks above 2,943.30 (61.8% Fib), we could see a rally towards 2,960.32 and possibly 2,982.00 🚀.
2️⃣ Bearish Case: If the price fails to break resistance, it may retrace to 2,919.41 or 2,908.65 for support 📉.
🔎 Conclusion:
✅ The overall trend is bullish, but 2,943.30 is a critical resistance level.
✅ A break above 2,935.29 increases the chance of further gains 📊.
❌ A drop below 2,918.00 could lead to a downward correction.
📢 Key Levels to Watch: 2,943.30, 2,960.32, 2,918.00.
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.