The market has landed bearish on a key support level. Will it continue?
Price is in a decisive zone, of which we may see an upside reversal or a downside continuation towards next support.
However, my bias is leaning towards bullish as current market price appears over extended and oversold, which presents a more probable upside potential. The market has also formed rejections and strong reversals on previous events at the current level of support, which could be added as a confluence for the upside potential
Key Factors:
- Decisive state ~ Price could either drop to next support or reverse to the upside
- Overall bias ~ Still bullish so long as price does not break support 1862$ and 1838$ on the wider outlook
- Crucial Support level - Prior rejections and reversal in past events, which could mean a similar reaction for the current market price
Entry Conditions:
- Going in on a Buy once we have a bullish confirmation within the current support zone
- Going in on a Sell once price breaks the trendline and presents confirmation
Price is in a decisive zone, of which we may see an upside reversal or a downside continuation towards next support.
However, my bias is leaning towards bullish as current market price appears over extended and oversold, which presents a more probable upside potential. The market has also formed rejections and strong reversals on previous events at the current level of support, which could be added as a confluence for the upside potential
Key Factors:
- Decisive state ~ Price could either drop to next support or reverse to the upside
- Overall bias ~ Still bullish so long as price does not break support 1862$ and 1838$ on the wider outlook
- Crucial Support level - Prior rejections and reversal in past events, which could mean a similar reaction for the current market price
Entry Conditions:
- Going in on a Buy once we have a bullish confirmation within the current support zone
- Going in on a Sell once price breaks the trendline and presents confirmation
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.