5-0-pattern
Gold Breakout Imminent? Uncover the Explosive Potential of GOLD!Current Trend
Bull Flag Formation: The chart indicates a bull flag pattern, a bullish continuation pattern that usually occurs after a strong uptrend (flagpole). The consolidation within the flag is typically a pause before the next upward move.
Trendlines: The yellow trendlines outlining the flag suggest that the price is currently testing the upper boundary of this consolidation range.
Fibonacci Retracement Levels
78.60%: This level is around 2431.637 (coincides with a 4HR LQZ), acting as a strong resistance zone.
61.80%: Around 2410.880, which the current price has just crossed, potentially indicating bullish momentum.
50.00%: Around 2393.940, served as a support level during the consolidation.
38.20%: Around 2372.760, another support level during the consolidation.
Liquidity Zones (LQZ)
4HR LQZ at 2431.637: A significant resistance zone that aligns with the 78.60% Fibonacci retracement level. This is a critical area to watch for potential price reaction.
4HR LQZ at 2349.449: A key support zone which held during the recent consolidation phase.
Price Action
Current Price: At 2410.880, the price is approaching the critical resistance at the 4HR LQZ (2431.637).
Breakout Potential: If the price can break and hold above the 2431.637 level, it may confirm the continuation of the bullish trend, targeting higher liquidity zones.
Support Levels: The price needs to stay above the 61.80% Fibonacci retracement level (2410.880) to maintain bullish momentum. A drop below could lead to further consolidation or a bearish reversal.
Daily Bull Flag
Upper Trendline: The price nearing the upper trendline of the daily bull flag indicates potential breakout if breached.
Lower Trendline: Support if the price pulls back.
Trading Strategy
Long Entry:
Upon a confirmed breakout above the 4HR LQZ at 2431.637, with a potential target of the next daily liquidity zone at 2475.281.
Use the 50.00% retracement level (2393.940) as a support for placing stop-loss to protect against downside risk.
Short Entry:
If the price fails to break above the 4HR LQZ and shows bearish reversal signs, a short trade could be considered with a target back to the lower 4HR LQZ at 2349.449.
Use the current price level (2410.880) as a resistance for stop-loss placement.
Risk Management:
Utilize appropriate position sizing and risk management to account for volatility and potential price fluctuations.
Summary
Bullish Outlook: If the price breaks above the 2431.637 level, indicating a continuation of the bull flag pattern, with targets at 2475.281 and beyond.
Bearish Outlook: If the price fails to break above 2431.637 and shows a reversal, potential downside targets include 2393.940 and 2349.449.
Monitoring the price action around these critical levels will be crucial in determining the next significant move for XAUUSD.
Gold Hit Liquidity Zone: Bullish Sentiment Ahead?So, gold quotes have hit the 'liquidity zone', where buyers trading the 'Engulfing' pattern are lurking, and we're seeing a breakout of the local high (on lower timeframes).
You know the mantra: the market is always hunting for liquidity. Here's a textbook example.
These zones have a solid predictive sentiment. If the quotes continue to 'chop' within a narrow range, having reached such a zone, then there's a higher probability of further upside movement, in other words, the market is kinda benevolent towards stuck bulls and doesn't want to see their blood spilled anymore."
Gold's Next Big Move: Will It Skyrocket or Plummet? Expert View!Major Support / Resistance Zone:
This zone is marked clearly on the chart and acts as a significant level where price has previously reversed or consolidated. It's crucial to monitor how price reacts around this area.
Wave Analysis:
The chart shows a clear Elliott Wave structure, with a 5-wave pattern identified. Waves (1) to (5) represent the motive waves, and the correction waves are seen in between.
Bearish Flag #1 and #2:
These flags indicate periods of consolidation following a downward movement, suggesting potential for continuation to the downside. They are often characterized by lower highs and lower lows forming within a channel.
Descending Channel:
The descending channel provides a clear bearish structure, with price making lower highs and lower lows. This channel acts as a guide for potential price movement, indicating bearish sentiment as long as the price remains within this structure.
Daily Bull Flag:
This larger bullish flag formation suggests a longer-term bullish potential if price breaks above the flag's upper boundary. It's a key pattern to watch for potential upside.
1HR LQZ / Reversal Zone:
This liquidity zone (LQZ) is marked as an area where a significant amount of orders might be present, potentially leading to reversals or significant price reactions.
4HR LQZ:
Similar to the 1HR LQZ, but observed on the 4-hour timeframe, suggesting a more significant potential reversal or consolidation area.
Bullish Potential:
If the price breaks above the 1HR LQZ / Reversal Zone and the descending channel, there is a bullish potential up to the levels marked on the chart. The structure would need confirmation through higher highs and higher lows.
Bearish Potential:
If the price fails to break above the descending channel and instead moves below the 4HR LQZ, a bearish continuation is likely, potentially targeting lower support levels.
Summary
The chart indicates a potential for both bullish and bearish scenarios depending on how the price reacts to the identified key levels (major support/resistance zone, 1HR and 4HR LQZs, and the descending channel).
Bullish scenario: Break above the 1HR LQZ and the descending channel, leading to a continuation towards higher levels.
Bearish scenario: Failure to break above the descending channel and a move below the 4HR LQZ, indicating a continuation to the downside.
This analysis should help in making informed trading decisions based on the observed technical patterns and key levels.
#AMD Bearish on the Daily#AMD has an impulse, an ABC 3 wave corrective structure and has impulsively broken out of the corrective trend line.
Look for sells along the way to the fib extensions of 27.0 and 61.8
#Magic 1D chartOMXTSE:MAGIC 1D chart;
The first thing that catches our eye is that the price is back to the December 2022 level where it was listed
The highest level it has ever seen is 5x
It is currently in the bargain zone and it is possible to say that the price is working strongly at the lowest support level of $0.4142
As long as it does not lose this place, there does not seem to be a problem.
After the squeeze with the falling trend lines, it is possible to see a sharp upward movement if the market allows.
In the short term, $ 1 can be considered as the first target.
Unveiling the Secret Masons' Trading Strategy for ANKR/USDT Hey everyone! 🎉
Guess what? We’ve got some super exciting news for you today! 🎊 We’ve been working our magic behind the scenes, keeping our strategy a top-secret recipe 🍲, but now, it’s time to reveal a little bit of the Masons' magic 🧙♂️✨! And not just any Masons – we’re talking about the big Masons who control the world! 🌍🔮
Targets and Fun Stuff:
Current Price: ANKR is hanging out at around 0.03069 USDT. 🤑
Support Levels:
Primary Support: 0.02787 USDT – This is our cozy little safety net. 🛏️
Secondary Support: 0.02220 USDT – Extra cushion just in case! 🛋️
Resistance Levels:
First Resistance: 0.03356 USDT – First checkpoint, here we come! 🚀
Second Resistance: 0.03894 USDT – Next stop, a bit higher! ⏫
Third Resistance: 0.04338 USDT – Keep climbing! 🧗
Fourth Resistance: 0.04995 USDT – Almost there! 🏁
Fifth Resistance: 0.05292 USDT – Boom, we’ve arrived! 🎯
Our Master Plan:
Initial Target: 0.03356 USDT – Easy peasy, lemon squeezy! 🍋
Intermediate Target: 0.03894 USDT – Let’s go higher! 🎈
Extended Target: 0.04338 USDT – We’re on a roll! 🏄
Ultimate Targets: 0.04995 USDT and 0.05292 USDT – Jackpot! 🎰
Stop-Loss:
To keep things safe, we’ve got our stop-loss just below the primary support at 0.02787 USDT. It’s like our trusty parachute 🪂 in case things go south!
Why the Secrecy?
We’ve been keeping our strategy under wraps because, well, where’s the fun in giving away all our secrets? 🤐 But now, it’s time to share the love and show you the power of the Masons' work! 🏰🔮
The Big Reveal:
So, get ready to witness some serious market magic. Whether you’re a seasoned trader or just dipping your toes in the crypto waters, we’ve got something exciting lined up for you! 🌊💸
Remember, we know what we’re doing, and we’re here to prove that a little bit of the Masons' magic goes a long way. Buckle up, enjoy the ride, and let’s make some gains together! 🚀💰
Stay awesome and happy trading! 😎✨
Your friendly neighborhood Masons 🧙♂️🧙♀️
Missed the XAUUSD Move? Here’s What You Overlooked!1. Daily Trendline
Description: The yellow trendline running across the chart represents the overall upward trend on the daily timeframe. It shows that despite the recent fluctuations, the long-term trend has been bullish.
Significance: This trendline serves as a dynamic support level. Traders often look for price action around this trendline to gauge the strength of the ongoing trend. A break below this trendline could signal a potential reversal or a stronger bearish movement.
2. Ascending Channel
Larger Ascending Channel:
Description: This channel is characterized by two parallel lines (yellow) sloping upwards. The price has been moving within this channel for a considerable period.
Significance: The upper boundary acts as resistance, while the lower boundary serves as support. The price breaking below the lower boundary can indicate the end of the bullish trend and the beginning of a bearish trend.
Smaller Ascending Channel:
Description: A smaller channel within the larger context, indicating a shorter-term upward movement.
Significance: The break below this smaller channel, as shown on the chart, signifies a potential reversal or correction within the larger trend.
3. Support/Resistance
Description: Horizontal lines marked as support and resistance represent key price levels where the price has historically faced buying or selling pressure.
Significance: These levels are crucial for identifying potential entry and exit points. The support level acts as a floor where buying interest is strong enough to prevent the price from falling further. Conversely, the resistance level acts as a ceiling where selling interest prevents the price from rising further.
4. Higher High (HH) and Lower High (LH)
HH (Higher High):
Description: A peak higher than the previous peak, indicating the continuation of an uptrend.
Significance: The formation of a higher high typically signals bullish momentum. However, in this case, the subsequent failure to maintain this level and the formation of a lower high (LH) suggests weakening bullish strength.
LH (Lower High):
Description: A peak lower than the previous peak, indicating potential trend reversal.
Significance: The lower high after a higher high is a bearish signal, suggesting that buyers are losing control and sellers are gaining strength.
5. 15M/5M Bear Flag Entry
Description: A bear flag pattern on the 15-minute and 5-minute timeframes is highlighted. This pattern consists of a sharp decline followed by a short consolidation in the form of an upward-sloping channel (flag).
Significance: The bear flag is a continuation pattern, indicating that after a brief consolidation, the price is likely to continue its downward movement. The breakout from this flag pattern provides a potential entry point for short positions.
6. Target Profit Levels (TP 1 and Daily LQZ/TP 2)
TP 1 (2,347.560):
Description: The first target profit level is set at 2,347.560.
Significance: This level is likely determined based on historical support levels or a measured move from the recent price action. Traders might look to take partial profits or exit their positions at this level.
Daily LQZ/TP 2 (2,265.195):
Description: The second target profit level is set at 2,265.195, which aligns with the daily liquidity zone.
Significance: This is a more ambitious target, potentially indicating a stronger bearish move. The liquidity zone suggests an area with significant trading volume, which could act as a magnet for the price.
Conclusion
The chart presents a comprehensive analysis of the XAUUSD (Gold Spot) with multiple technical indicators suggesting a potential bearish outlook. The breakdown from the ascending channels, the formation of a lower high, and the bear flag pattern all point towards a continuation of the downward trend. The identified support and resistance levels, along with the target profit zones, provide clear benchmarks for managing trades.
#Pendle 1D chartSEED_DONKEYDAN_MARKET_CAP:PENDLE 1D chart;
It accepts the trend line extending from October 2023 to the present as a balance and continues to rise.
We can see an upward movement after the squeeze with the falling trend line.
There is a ratio of 112% between the harmonic structure it has created and the target zone.
#Pendle 1D chartSEED_DONKEYDAN_MARKET_CAP:PENDLE 1D chart;
It accepts the trend line extending from October 2023 to the present as a balance and continues to rise.
We can see an upward movement after the squeeze with the falling trend line.
There is a ratio of 112% between the harmonic structure it has created and the target zone.
BTC Broadening Descending Wedge 4HBTC moving inside a broadening descending wedge on the 4H chart.
This shape has a bullish outcome more often than not.
Price action has touched major support twice.
BTC Price is back above the 50 SMA which is a good sign.
Keep an eye on this structure.
NFA
Do your own DD
Bitcoin - A Long Term Analysis - Cup and Handle PatternBitcoin has formed a promising cup and handle pattern on the weekly chart. Currently, the price is trading within the handle and appears poised for a breakout. A confirmed breakout from the handle could propel Bitcoin's price above $100K.
The handle formed during the correction period following the Bitcoin halving, which was anticipated. Fundamentally, a bull run is expected during the last quarter of 2024 and the first quarter of 2025, which suggests a natural price increase. Breaking the previous all-time high around FWB:73K would further drive the price upward, with my target for this bull run set at $140K.
For a safer trade, consider entering after a breakout above $73K. For those seeking an early entry, you can buy at the current price and hold until the peak of the bull run.
Stay tuned for more updates.
Cheers,
GreenCrypto
Gold’s Next Big Move: Critical Levels You Can’t Afford to Miss!Hey Traders, welcome back to my channel! 🚀
Today, we're diving deep into the latest XAUUSD analysis, and trust me, you don't want to miss this one. With gold prices poised for a significant move, understanding these key levels could make all the difference in your trading strategy.
Let's get started with the 1-hour chart (shown below). 📊
Chart 1: XAUUSD 1-Hour Time Frame Analysis (July 21, 2024)
Key Observations:
Daily Bull Flag Formation:
The chart highlights a daily bull flag pattern, which indicates a continuation pattern following a strong uptrend. On the daily TF sometimes this can take a bit longer to see due to how big this flag is on the (LTF)
The price has been consolidating within this flag formation.
Reversal Structure (Lower High - LH):
There is a reversal structure where the price made a lower high (LH), suggesting a potential bearish reversal in the short term.
Structure LTF (Lower Time Frame):
The price structure on the lower time frame indicates an area where price could pull back and reject off of this area indicating the continuation of the Overall move.
The second way this could play off of this area is we could get a clear impulsive move above this structure and then a rejection looking for higher moves in the Shorter Time Frame.
15-Minute Time Frame:
The 15-minute time frame shows a detailed view of the consolidation and break down from the flag formation. where you could see how close we are to the LQZ shown on the 1HR
1HR Liquidity Zone (LQZ):
Identified at 2,390.966, this zone may act as a significant support area and also our first Take Profit we gave last week.
4HR Liquidity Zone:
Marked at 2,349.179, another major support area that aligns with the daily LQZ. If price end up breaking the 1HR LQZ impulsively then we could look for this area as Take Profit and then once we get down to this area we could potentially see a pullback.
Daily LQZ:
The daily liquidity zone is at 2,286.809, a crucial support level for the longer-term perspective.
Recommendations:
Watch for Reactions at Support Levels:
Monitor the price action around the 1HR, 4HR, and daily LQZs for potential entry points.
Set Alerts:
Set alerts for breakouts above the recent highs and breakdowns below the key support levels.
Manage Risk:
Ensure proper risk management by setting stop-losses below support levels and taking profits at resistance levels.
Bitcoin: I Was Wrong! Learn From My MistakesIn my most recent Bitcoin analysis I talked about further bearish pressure and a bearish breakout from a bear-flag pattern.
That didn't play out as expected. Actually, BTC saw an almost 30% pump from the lows.
In this analysis I want to talk about what I did wrong and how you can learn from my mistakes.
Mistake 1: not zooming out and only focussing on one timeframe.
In the previous analysis I failed to see that BTC was actually trading at a support (bottom yellow line). Never short into a support and never long into resistance.
Mistake 2: the trend is your friend. Bitcoin has been trading in a dominantly bullish trend since January of 2023. Yes, there's been some dips here and there, but nothing crazy. It's more likely that BTC will go up that down over the next months.
Mistake 3: don't short when BTC hit's oversold on the RSI. Always keep an eye out for the oscillators (my favorite is the RSI). BTC has hit oversold on the daily for the third period since 2023, patient bulls will be buying!
In short, I was wrong. Should've done more research and follow simple trading rules. Learn from my mistakes and become a better informed trader.
For now, I'm waiting for a new all-time high to be reached. In which case, 100k is the next target. Let's hope for a great Q3 and Q4!
Bitcoin following Amazon 2010 chart in the exact same pattern!!This is crazy find guys!!! I found this a while ago and bitcoin is absolutely copying the exact pattern of Amazon chart back in 2010!! and I've been watching it all along, and it just keep going the way Amazon did!!! According to this pattern, we can see that bitcoin's previous ATH will break soon. and continue the move by copying the pattern again.
Did You Catch the XAU/USD Short? 300+ PIPS!We shared this idea from Asia Session and London Session this morning! Did you get involved with this idea and did you happen to see our walk through? Leave a comment down below and be sure to check out the Idea.
AVAX: Scouting The Best Entry After More PAINAVAX has been trading inside this bearish channel for several years at this point. It's very plausible that AVAX will break through the top resistance if BTC keeps going up, hence the reason that this is not a short-signal, but rather a "buy from here if we go down again" - signal.
IF AVAX starts losing value again, I'm keeping an eye at the bottom support of the channel to make a long-term bullish entry. Remains to be seen whether this support will ever be hit again, but better to be prepared in case it does!
FLOKI Bullish Channel: Pump Incoming?With BTC reversing after weeks of selling, it's to be expected that alts will follow suit.
FLOKI has reversed from the bottom support of the bullish channel, making way for a move towards the top resistance.
I'm waiting for a small drop in order to enhance the R/R of this trade. Target around the top resistance, stop below the recent swing low.
Will Gold Soar or Plummet? Key Insights You Need!Chart 1: XAUUSD 15-Minute Chart (July 19, 2024)
Key Levels:
Support: The chart shows a key support level around 2,415, highlighted by the blue horizontal line.
Resistance: There is a resistance level near 2,457.920, labeled as "5M LQZ."
Patterns:
Descending Triangle: A descending triangle pattern is forming, which is typically a bearish continuation pattern.
Breakout Scenarios: The chart indicates two potential scenarios:
Bullish Breakout: If the price breaks above the descending triangle and the 2,420-2,425 resistance zone, it could move upwards towards the next resistance.
Bearish Breakout: If the price breaks below the support level around 2,415, it could head towards the lower support at 2,391.394 (4HR LQZ / TP 1).
Price Action:
Current Position: The price is currently consolidating near the support level.
Volume: Volume is relatively low, indicating a potential buildup for a significant move.
Chart 2: XAUUSD 1-Hour Chart (July 18, 2024)
Key Levels:
Reversal Point: There is a significant level at 2,429.420, marked as the "1HR LQZ / Reversal Point."
Support Levels: Multiple support levels are indicated at:
2,391.394 (4HR LQZ / TP 1)
2,349.046 (TP 2)
2,288.085 (TP 3)
2,265.369 (TP 4)
Patterns:
Higher High (HH): The chart shows a higher high formation, indicating a potential uptrend.
Possible Reversal: The price is approaching the 1HR LQZ / Reversal Point, suggesting a possible reversal or continuation of the trend.
Price Action:
Current Position: The price is currently pulling back from the higher high, testing the reversal point.
Trend: The overall trend appears to be bullish, with higher highs and higher lows.
Combined Analysis:
Short-Term Outlook (15-Minute Chart):
Watch for a breakout from the descending triangle.
A break above the 2,425 resistance could signal a bullish move, while a break below 2,415 support could lead to further downside.
Medium-Term Outlook (1-Hour Chart):
The 1-hour chart suggests a bullish trend with key support levels to watch.
If the price holds above the 1HR LQZ / Reversal Point (2,429.420), it could continue its upward momentum.
Conversely, a break below this level may indicate a deeper correction towards the lower support levels.
Trading Strategy:
For Bullish Scenario:
Enter a long position if the price breaks above 2,425 with strong volume.
Target the next resistance levels around 2,457.920 and beyond.
Set a stop-loss just below the 2,415 support level.
For Bearish Scenario:
Enter a short position if the price breaks below 2,415.
Target the support levels at 2,391.394, 2,349.046, and 2,288.085.
Set a stop-loss just above the 2,425 resistance level.
Gold Set to Plunge? Key Reversal Point Signals Major Downtrend!4-Hour Chart Analysis
Trend Identification:
Higher Highs (HH): The chart shows a consistent formation of higher highs (HH) which indicates an overall uptrend.
Higher Lows (HL): The chart also demonstrates higher lows (HL), further confirming the uptrend.
Key Levels:
Resistance Levels:
Around 2,480 and above are marked by HH.
Support Levels:
2,429.42 (1HR LQZ / Reversal Point)
2,391.39 (4HR LQZ / TP 1)
2,349.05 (TP 2)
2,288.09 (TP 3)
2,265.37 (TP 4)
Price Action:
Triangle Pattern: A triangle pattern formed in June indicating consolidation before a breakout.
Current Movement: The price has moved up to a higher high but is currently in a retracement phase, testing the 1HR LQZ / Reversal Point around 2,429.42.
Projection:
Potential Reversal: If the price holds above the 1HR LQZ / Reversal Point, it may indicate a reversal back towards the higher levels around 2,480.
Support Tests: Failure to hold may lead to testing lower support levels at 2,391.39 (4HR LQZ / TP 1) and potentially further down to TP 2, TP 3, and TP 4.
1-Hour Chart Analysis
Detailed View:
Provides a closer look at the recent price movements.
Confirms the higher highs observed in the 4-hour chart.
Key Observations:
Recent High: The price recently reached a new high around 2,480 before retracing.
Immediate Support: The price is testing the 1HR LQZ / Reversal Point around 2,429.42, aligning with the 4-hour chart observations.
Trading Opportunities:
Long Position: If the price shows strong bullish signals and holds above the 1HR LQZ / Reversal Point.
Short Position: If the price breaks below the 1HR LQZ / Reversal Point, with targets at lower support levels identified in the 4-hour chart.
Summary
The charts indicate an overall uptrend with recent higher highs and higher lows.
Current price action is in a retracement phase, testing key support levels.
Monitoring the 1HR LQZ / Reversal Point will be crucial for determining the next move, whether it will resume the uptrend or test further support levels.
Gold's Next Big Move: Is This the Reversal Point?4-Hour Chart Analysis
Trend Identification:
Higher Highs (HH): The chart shows a consistent formation of higher highs (HH) which indicates an overall uptrend.
Higher Lows (HL): The chart also demonstrates higher lows (HL), further confirming the uptrend.
Key Levels:
Resistance Levels:
Around 2,480 and above are marked by HH.
Support Levels:
2,429.42 (1HR LQZ / Reversal Point)
2,391.39 (4HR LQZ / TP 1)
2,349.05 (TP 2)
2,288.09 (TP 3)
2,265.37 (TP 4)
Price Action:
Triangle Pattern: A triangle pattern formed in June indicating consolidation before a breakout.
Current Movement: The price has moved up to a higher high but is currently in a retracement phase, testing the 1HR LQZ / Reversal Point around 2,429.42.
Projection:
Potential Reversal: If the price holds above the 1HR LQZ / Reversal Point, it may indicate a reversal back towards the higher levels around 2,480.
Support Tests: Failure to hold may lead to testing lower support levels at 2,391.39 (4HR LQZ / TP 1) and potentially further down to TP 2, TP 3, and TP 4.
1-Hour Chart Analysis
Detailed View:
Provides a closer look at the recent price movements.
Confirms the higher highs observed in the 4-hour chart.
Key Observations:
Recent High: The price recently reached a new high around 2,480 before retracing.
Immediate Support: The price is testing the 1HR LQZ / Reversal Point around 2,429.42, aligning with the 4-hour chart observations.
Trading Opportunities:
Long Position: If the price shows strong bullish signals and holds above the 1HR LQZ / Reversal Point.
Short Position: If the price breaks below the 1HR LQZ / Reversal Point, with targets at lower support levels identified in the 4-hour chart.
Summary
The charts indicate an overall uptrend with recent higher highs and higher lows.
Current price action is in a retracement phase, testing key support levels.
Monitoring the 1HR LQZ / Reversal Point will be crucial for determining the next move, whether it will resume the uptrend or test further support levels.
If you need further analysis or specific trade recommendations, feel free to ask!
Gold Trading Alert: Major Move on XAUUSD – Don't Miss Out!Key Levels and Patterns:
Higher Highs (HH) and Higher Lows (HL):
The chart shows a series of higher highs (HH) and higher lows (HL), indicating an overall uptrend. This pattern suggests that the bullish momentum is still in play.
Ascending Channel:
There is a well-defined ascending channel where the price has been moving upwards within parallel trendlines. This channel can act as a guide for potential support and resistance levels.
Reversal Points (LQZ):
1-Hour LQZ / Reversal Point: Located at 2,429.190. This level is a potential area where price may reverse or find support.
4-Hour LQZ / Reversal Point: Located at 2,391.394. This level also serves as a significant support zone.
Take Profit (TP) Levels:
TP 1: 2,319.385
TP 2: 2,288.085
TP 3: 2,265.369
Recent Price Action:
The price recently reached a higher high at around 2,458.755 and then pulled back slightly, indicating a potential short-term correction within the overall uptrend.
The ascending channel suggests that if the price remains above the lower boundary of the channel, the uptrend is likely to continue.
If the price breaks below the 1-hour LQZ / Reversal Point at 2,429.190, it could test the 4-hour LQZ / Reversal Point at 2,391.394. A further breakdown below this level might lead to the next support at TP 1.
Analysis Summary:
Bullish Scenario: The price could bounce from the current levels or the lower boundary of the ascending channel, aiming for new highs. Traders might look for buying opportunities near the support levels of the channel and reversal points.
Bearish Scenario: If the price breaks below the identified reversal points and the ascending channel, it might signal a deeper correction, potentially heading towards the TP levels for possible buying opportunities at lower prices.
