We’re currently watching a potential bearish setup unfold, following a solid bounce from the recent low around 3,126 USD. Here's a breakdown of what I'm seeing:
Chart Insights:
The price was previously trading in an ascending channel, which broke down sharply.
After forming a Flat Top Bottom pattern, the market rebounded strongly.
We’re now consolidating below the 3,279 resistance level, facing pressure from both horizontal and diagonal resistance lines.
Key Levels to Watch:
Resistance Zone: 3,252 – 3,279
Support Levels:
1st Target 3,209 (minor)
2nd Target 3,162 (key)
3,126 (major structural support)
Scenario Outlook:
If the price fails to break above the 3,279 resistance, we could see a rejection and downside move. A potential breakdown below 3,209 could trigger a sharper move toward 3,162, and possibly a retest of the 3,126 level.
Bearish Confirmation: Watch for a rejection at resistance followed by a lower high and breakdown below 3,209. Volume confirmation and bearish candlestick patterns would strengthen this case.
Risk Management: As always, manage your risk accordingly. This setup will only be valid upon confirmation; don’t jump in prematurely.
Let’s see how this plays out—stay sharp and plan your trades wisely!
Chart Insights:
The price was previously trading in an ascending channel, which broke down sharply.
After forming a Flat Top Bottom pattern, the market rebounded strongly.
We’re now consolidating below the 3,279 resistance level, facing pressure from both horizontal and diagonal resistance lines.
Key Levels to Watch:
Resistance Zone: 3,252 – 3,279
Support Levels:
1st Target 3,209 (minor)
2nd Target 3,162 (key)
3,126 (major structural support)
Scenario Outlook:
If the price fails to break above the 3,279 resistance, we could see a rejection and downside move. A potential breakdown below 3,209 could trigger a sharper move toward 3,162, and possibly a retest of the 3,126 level.
Bearish Confirmation: Watch for a rejection at resistance followed by a lower high and breakdown below 3,209. Volume confirmation and bearish candlestick patterns would strengthen this case.
Risk Management: As always, manage your risk accordingly. This setup will only be valid upon confirmation; don’t jump in prematurely.
Let’s see how this plays out—stay sharp and plan your trades wisely!
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.
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.