Market Structure:
Downtrend: The overall structure shows lower highs and lower lows, indicating a bearish market.
Recent Price Action: Price has recently made a sharp drop and is currently bouncing off a possible support level.
Key Levels:
Resistance: ~42,400 (previous lower high)
Support: ~41,200 (recent low where price bounced)
Potential Setups:
Bearish Continuation: If price reaches the 42,000–42,400 zone and rejects with strong bearish candlestick patterns, it could indicate another leg down.
Bullish Reversal: If price forms a higher low above 41,200 and breaks above 42,000 with strong momentum, a reversal could be in play.
Range Play: If price consolidates between 41,200 and 42,000, possible scalping opportunities within the range.
Confirmation:
Look for candlestick confirmations (e.g., bearish engulfing for a sell, bullish engulfing for a buy).
Use volume analysis to confirm breakout strength.
Monitor economic news for potential volatility.
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.