Potential Scenarios:
Bullish Scenario:
If the price holds above 2.7 and breaks the downward trendline, we can expect a rally towards the Fibonacci levels, with targets at 4.0, 5.5, and 7.0.
Confirmation would come from a break above the trendline and increased buying volume.
Bearish Scenario:
If the price fails to hold the 2.7 support, we could see a further decline, potentially making new lows below 2.7.
Watch for decreased volume during the downtrend for signs of weakening bearish momentum.
Bullish Scenario:
If the price holds above 2.7 and breaks the downward trendline, we can expect a rally towards the Fibonacci levels, with targets at 4.0, 5.5, and 7.0.
Confirmation would come from a break above the trendline and increased buying volume.
Bearish Scenario:
If the price fails to hold the 2.7 support, we could see a further decline, potentially making new lows below 2.7.
Watch for decreased volume during the downtrend for signs of weakening bearish momentum.
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.