The price is above the Kumo indicating a bullish trend in the longer term.
The Tenkan-sen and Kijun-sen are closely interacting near the price, suggesting consolidation or a potential setup for trend continuation.
A descending channel is drawn, suggesting a corrective structure.
The Y wave with projection (E) is marked outside the channel at a significant resistance zone between $2.8356 (0.886 Fib) and $2.910 (1.0 Fib).
The price is currently testing the upper boundary of the descending channel near $2.4432.
Volume seems to fluctuate with stronger activity during bullish impulses.
Immediate resistance is the channel's upper boundary and the $2.5000 level.
Immediate support lies at $2.2512 and the lower channel boundary, followed by the Kijun-sen near $2.2170.
Enter on a confirmed breakout above the channel's upper boundary and $2.5000. Ensure volume supports the breakout.
The chart structure shows a corrective phase within a larger bullish trend. Watch for signs of trend resumption or a deeper correction.
Monitor Ichimoku signals for confirmation, especially if the price stays above the Kumo while breaking the channel.
Be cautious of market volatility and confirm all trades with volume and candlestick patterns.
Note:
1. Analysis for education purposes only.
2. Trade at your own risk.
The Tenkan-sen and Kijun-sen are closely interacting near the price, suggesting consolidation or a potential setup for trend continuation.
A descending channel is drawn, suggesting a corrective structure.
The Y wave with projection (E) is marked outside the channel at a significant resistance zone between $2.8356 (0.886 Fib) and $2.910 (1.0 Fib).
The price is currently testing the upper boundary of the descending channel near $2.4432.
Volume seems to fluctuate with stronger activity during bullish impulses.
Immediate resistance is the channel's upper boundary and the $2.5000 level.
Immediate support lies at $2.2512 and the lower channel boundary, followed by the Kijun-sen near $2.2170.
Enter on a confirmed breakout above the channel's upper boundary and $2.5000. Ensure volume supports the breakout.
The chart structure shows a corrective phase within a larger bullish trend. Watch for signs of trend resumption or a deeper correction.
Monitor Ichimoku signals for confirmation, especially if the price stays above the Kumo while breaking the channel.
Be cautious of market volatility and confirm all trades with volume and candlestick patterns.
Note:
1. Analysis for education purposes only.
2. Trade at your own risk.
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.