Rising Wedge → clearly broken to the downside.
Bearish flag forming after wedge breakdown (continuation).
Fibonacci Retracement drawn from recent low (~3,118) to high (~3,499).
Price currently around the 0.5 Fib level at ~3,308, which is now acting as resistance.
✅ Trading Idea: Short Position (Sell Setup)
🔻 Sell Entry:
Around 3,308–3,318 USD (0.5 Fib level resistance / flag top).
🎯 Targets:
TP1: 3,263 (0.382 Fib)
TP2: 3,208 (0.236 Fib)
TP3: 3,118 (Fibonacci base / major support)
TP4 (Extended): 2,978 (Projected flag breakdown target)
🛑 Stop Loss:
Above 3,353 (0.618 Fib) or above recent swing high (~3,330–3,340).
Ideal SL: ~3,360 USD
🧮 Risk-Reward Ratio:
~1:2 or 1:3 depending on TP level chosen.
🟩 Alternate Scenario – Buy Setup (Reversal Play)
📈 Buy Entry:
If price hits and holds 3,168 or 3,118, monitor for bullish reversal candlestick (like a pin bar or bullish engulfing).
🎯 Targets:
TP1: 3,208 (Fib 0.236)
TP2: 3,263 (Fib 0.382)
TP3: 3,308 (Fib 0.5)
🛑 Stop Loss:
Below 3,100 USD (break of long-term support)
Bearish flag forming after wedge breakdown (continuation).
Fibonacci Retracement drawn from recent low (~3,118) to high (~3,499).
Price currently around the 0.5 Fib level at ~3,308, which is now acting as resistance.
✅ Trading Idea: Short Position (Sell Setup)
🔻 Sell Entry:
Around 3,308–3,318 USD (0.5 Fib level resistance / flag top).
🎯 Targets:
TP1: 3,263 (0.382 Fib)
TP2: 3,208 (0.236 Fib)
TP3: 3,118 (Fibonacci base / major support)
TP4 (Extended): 2,978 (Projected flag breakdown target)
🛑 Stop Loss:
Above 3,353 (0.618 Fib) or above recent swing high (~3,330–3,340).
Ideal SL: ~3,360 USD
🧮 Risk-Reward Ratio:
~1:2 or 1:3 depending on TP level chosen.
🟩 Alternate Scenario – Buy Setup (Reversal Play)
📈 Buy Entry:
If price hits and holds 3,168 or 3,118, monitor for bullish reversal candlestick (like a pin bar or bullish engulfing).
🎯 Targets:
TP1: 3,208 (Fib 0.236)
TP2: 3,263 (Fib 0.382)
TP3: 3,308 (Fib 0.5)
🛑 Stop Loss:
Below 3,100 USD (break of long-term support)
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.