On the 2W timeframe (left), the chart shows a bullish structure holding, with the market previously breaking above significant levels, such as the 21' High at 3.02T and the previous high at 3.45T. The next target appears to be 3.73T, marked as "waiting for retest."
The 8M timeframe (right) reflects a broader, cleaner perspective, indicating that the market has consistently broken higher highs since 2021. The structure is bullish as long as it holds above the 21' High.
Key Levels:
3.73T: A crucial resistance level and target for retesting in the bullish cycle.
3.45T: Current support where the market has recently retested.
3.02T: Strong support from 2021, providing a critical foundation for bullish momentum.
Analysis:
The market looks to consolidate above 3.45T and aim for the 3.73T level.
If momentum continues, the next significant target is the 4.44T level, aligning with the higher-timeframe bullish cycle.
Any pullback should ideally hold above 3.45T to maintain the bullish trend. If it fails, the 3.02T level is critical for structural support.
Conclusion: This chart is solid evidence of a bullish market. It highlights the importance of respecting higher timeframe structures, focusing on previous highs as targets, and watching for confirmation around significant levels like 3.45T and 3.73T.
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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.