Support and Resistance Levels:
Resistance: Notable resistance levels are marked at approximately $111.81 and $146.37. These levels have historically acted as ceilings where the price struggles to break above.
Support: Strong support levels are evident at around $82.11 and $46.07. These levels have provided a floor, preventing the price from declining further.
Trendlines:
The chart exhibits upward-sloping trendlines, indicating a bullish trend over the longer term. These trendlines act as dynamic support and resistance, guiding the price movement within an ascending channel.
Stochastic RSI:
The Stochastic RSI indicator shows a value of 74.36, suggesting the market is in the overbought territory but could still have room to rise before a potential pullback.
Cumulative Volume Delta (CVD):
The CVD value is positive at 51.295K, indicating a higher buying volume compared to the selling volume, which aligns with the bullish sentiment in the market.
Technical Analysis:
Resistance: Notable resistance levels are marked at approximately $111.81 and $146.37. These levels have historically acted as ceilings where the price struggles to break above.
Support: Strong support levels are evident at around $82.11 and $46.07. These levels have provided a floor, preventing the price from declining further.
Trendlines:
The chart exhibits upward-sloping trendlines, indicating a bullish trend over the longer term. These trendlines act as dynamic support and resistance, guiding the price movement within an ascending channel.
Stochastic RSI:
The Stochastic RSI indicator shows a value of 74.36, suggesting the market is in the overbought territory but could still have room to rise before a potential pullback.
Cumulative Volume Delta (CVD):
The CVD value is positive at 51.295K, indicating a higher buying volume compared to the selling volume, which aligns with the bullish sentiment in the market.
Technical Analysis:
- Current Price Action: The price is currently at $104.31, just below a key resistance level of $111.81. This indicates potential consolidation or a minor pullback before attempting to break through this resistance.
- Bullish Outlook: Given the ascending trendlines and the positive CVD, there is optimism for further upside. A successful breach above $111.81 could open the path toward the next resistance level at $146.37.
- Support Levels: In the event of a pullback, strong support around $82.11 should provide a cushion, maintaining the bullish structure. A break below this level would target the next support at $46.07.
Note
Based on my initial analysis, the support level was established at $82, and upon reaching this level, the price has rebounded to the resistance zone at $108 today. Should the trading volume rise, the price has the potential to escalate to the $133-$146 range.
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.