🔍 Market Overview
The chart shows a technical setup with clear support and resistance zones, alongside key Exponential Moving Averages (EMAs) to guide directional bias.
📊 Key Technical Levels
Resistance Zone: ~$3,445–$3,460
This is a historically reactive area where price has reversed sharply in the past. A breakout above this zone would suggest strong bullish continuation.
Strong Supporting Zone: ~$3,375–$3,390
Currently being tested. If the price holds here, it could act as a launchpad for a bullish move toward resistance.
Support Zone: ~$3,320–$3,340
If the strong support breaks, the next downside target would be this zone, which aligns with the 200 EMA (blue line) — a dynamic support level.
📈 Moving Averages
50 EMA (Red): Currently at $3,345.60, serving as a short-term dynamic support.
200 EMA (Blue): Currently at $3,304.13, marking a critical longer-term support. Price staying above this EMA reflects a bullish bias.
🔀 Probable Scenarios
Bullish Case (Preferred Scenario)
If price holds the strong supporting zone and breaks above current highs (~$3,395), it could rally toward the resistance zone at $3,445–$3,460.
Break and close above resistance may open the door for further upside continuation.
Bearish Case
A rejection from current levels or a break below $3,375 would likely lead to a retracement toward the support zone ($3,320–$3,340).
A break below the support zone and the 200 EMA would shift the structure into bearish territory.
✅ Bias & Recommendation
Current Bias: Cautiously Bullish
As long as the price remains above the strong supporting zone and 50 EMA, bulls have the upper hand.
Look for confirmation with a higher low or bullish engulfing candle before entering long.
Trade Idea:
Long Entry: On bullish confirmation above $3,395
Target: $3,445–$3,460
Stop Loss: Below $3,375 (support break)
The chart shows a technical setup with clear support and resistance zones, alongside key Exponential Moving Averages (EMAs) to guide directional bias.
📊 Key Technical Levels
Resistance Zone: ~$3,445–$3,460
This is a historically reactive area where price has reversed sharply in the past. A breakout above this zone would suggest strong bullish continuation.
Strong Supporting Zone: ~$3,375–$3,390
Currently being tested. If the price holds here, it could act as a launchpad for a bullish move toward resistance.
Support Zone: ~$3,320–$3,340
If the strong support breaks, the next downside target would be this zone, which aligns with the 200 EMA (blue line) — a dynamic support level.
📈 Moving Averages
50 EMA (Red): Currently at $3,345.60, serving as a short-term dynamic support.
200 EMA (Blue): Currently at $3,304.13, marking a critical longer-term support. Price staying above this EMA reflects a bullish bias.
🔀 Probable Scenarios
Bullish Case (Preferred Scenario)
If price holds the strong supporting zone and breaks above current highs (~$3,395), it could rally toward the resistance zone at $3,445–$3,460.
Break and close above resistance may open the door for further upside continuation.
Bearish Case
A rejection from current levels or a break below $3,375 would likely lead to a retracement toward the support zone ($3,320–$3,340).
A break below the support zone and the 200 EMA would shift the structure into bearish territory.
✅ Bias & Recommendation
Current Bias: Cautiously Bullish
As long as the price remains above the strong supporting zone and 50 EMA, bulls have the upper hand.
Look for confirmation with a higher low or bullish engulfing candle before entering long.
Trade Idea:
Long Entry: On bullish confirmation above $3,395
Target: $3,445–$3,460
Stop Loss: Below $3,375 (support break)
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JOIN MY TELEGRAM CHANNEL
t.me/StellarMarketAnalysis
JOIN MY RECOMMENTED BROKER REFFREL LINK
⤵️one.exnesstrack.net/a/uvd1etcgg1
PARTNER CODE⤵️
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t.me/StellarMarketAnalysis
JOIN MY RECOMMENTED BROKER REFFREL LINK
⤵️one.exnesstrack.net/a/uvd1etcgg1
PARTNER CODE⤵️
uvd1etcgg1
Related publications
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.