You may notice that the recent price declines are becoming smaller (marked by the grey arrows). The red candlesticks are shrinking, indicating that selling pressure is weakening while buyers are gradually stepping into the market.
As sellers lose momentum, we can expect the support area between 2.779 – 2.713 to hold and potentially trigger a price bounce. For now, we wait for the price to reach this zone and look for a clear confirmation signal before entering.
From a chart pattern perspective, a falling wedge reversal is forming — a pattern often associated with bullish reversals. The 2.779 – 2.713 support area aligns with this pattern and can be considered a potential buy zone, provided we get proper confirmation.
As sellers lose momentum, we can expect the support area between 2.779 – 2.713 to hold and potentially trigger a price bounce. For now, we wait for the price to reach this zone and look for a clear confirmation signal before entering.
From a chart pattern perspective, a falling wedge reversal is forming — a pattern often associated with bullish reversals. The 2.779 – 2.713 support area aligns with this pattern and can be considered a potential buy zone, provided we get proper confirmation.
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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.
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.