🔍 Overall Market Structure
The price recently saw a sharp drop from the $120.69 high and is currently consolidating around the $108–110 area.
A bullish structure is forming, suggested by the potential for a reversal pattern from a support zone.
🧠 Key Technical Components
📉 Fibonacci Levels (retracement from $101.21 to $120.69):
0.236 – $115.78 (resistance)
0.382 – $112.84
0.5 – $110.53
0.618 – $108.25 ← Current support
0.786 – $105.20
Price is bouncing from the 0.618 zone, a strong reversal area.
🟣 RSI (Relative Strength Index):
RSI is near oversold (31.15) and showing bullish divergence:
Price made lower lows.
RSI made higher lows.
This divergence suggests momentum is weakening on the downside, signaling a potential bullish reversal.
🟪 Support & Resistance Zones:
Demand Zone (support) around $107–108 (marked with purple box).
Supply Zone (resistance) around $118–120.
Price could bounce from support, targeting higher fib levels and possibly retesting the supply zone.
✏️ Projected Price Action (Black Curve):
Anticipated short-term reversal from $108.
Price might climb through:
$110 (0.5 fib)
$112.84 (0.382 fib)
Potentially to $115.78 (0.236 fib) or even back to the $120.69 high.
Shown within a larger wedge structure, so upper trendline resistance around $120.
✅ Conclusion:
Bullish reversal likely from $107–108 support.
RSI divergence + Fibonacci confluence supports the reversal thesis.
Next targets: $110.50 → $112.84 → $115.78 with final resistance near $120.69.
The price recently saw a sharp drop from the $120.69 high and is currently consolidating around the $108–110 area.
A bullish structure is forming, suggested by the potential for a reversal pattern from a support zone.
🧠 Key Technical Components
📉 Fibonacci Levels (retracement from $101.21 to $120.69):
0.236 – $115.78 (resistance)
0.382 – $112.84
0.5 – $110.53
0.618 – $108.25 ← Current support
0.786 – $105.20
Price is bouncing from the 0.618 zone, a strong reversal area.
🟣 RSI (Relative Strength Index):
RSI is near oversold (31.15) and showing bullish divergence:
Price made lower lows.
RSI made higher lows.
This divergence suggests momentum is weakening on the downside, signaling a potential bullish reversal.
🟪 Support & Resistance Zones:
Demand Zone (support) around $107–108 (marked with purple box).
Supply Zone (resistance) around $118–120.
Price could bounce from support, targeting higher fib levels and possibly retesting the supply zone.
✏️ Projected Price Action (Black Curve):
Anticipated short-term reversal from $108.
Price might climb through:
$110 (0.5 fib)
$112.84 (0.382 fib)
Potentially to $115.78 (0.236 fib) or even back to the $120.69 high.
Shown within a larger wedge structure, so upper trendline resistance around $120.
✅ Conclusion:
Bullish reversal likely from $107–108 support.
RSI divergence + Fibonacci confluence supports the reversal thesis.
Next targets: $110.50 → $112.84 → $115.78 with final resistance near $120.69.
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.