Currently, the price is consolidating around the $3.10 level, testing a key resistance zone at $3.164, which has yet to be decisively broken. This level now serves as a significant short-term resistance.
🔹 Bullish Scenario (LONG Opportunity):
If the price manages to break above the $3.164 resistance with strong momentum and confirms the breakout through a successful retest, a long entry could be considered. In this case, the bullish structure would target the next major resistance area around $3.434, which aligns with a previous high and psychological level.
🔸 Bearish Trap Scenario (Fake Breakout):
If the price fails to hold above $3.164 and drops back into the red demand zone around $3.05–$3.07, we might witness a fake breakout or liquidity grab. This could trigger stop-loss hunts before a potential reversal. A bullish reaction from this demand zone could still offer a solid long opportunity with tight risk management.
📊 Volume Observation:
Noticeable buying volume has appeared near recent lows, indicating possible accumulation. However, confirmation through price action (breakout or bullish reversal signal) is required before entering a trade.
🔹 Bullish Scenario (LONG Opportunity):
If the price manages to break above the $3.164 resistance with strong momentum and confirms the breakout through a successful retest, a long entry could be considered. In this case, the bullish structure would target the next major resistance area around $3.434, which aligns with a previous high and psychological level.
🔸 Bearish Trap Scenario (Fake Breakout):
If the price fails to hold above $3.164 and drops back into the red demand zone around $3.05–$3.07, we might witness a fake breakout or liquidity grab. This could trigger stop-loss hunts before a potential reversal. A bullish reaction from this demand zone could still offer a solid long opportunity with tight risk management.
📊 Volume Observation:
Noticeable buying volume has appeared near recent lows, indicating possible accumulation. However, confirmation through price action (breakout or bullish reversal signal) is required before entering a trade.
Trade active
As we expected, it broke the support but it was a fake breakout
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.