Xauusd market

This chart is a 30-minute BTC/USDT (Bitcoin/Tether) technical analysis from Binance, showing a potential bullish setup. Here's a breakdown of the key elements:

1. Descending Broadening Wedge

The blue trendlines forming a broadening wedge indicate a reversal pattern.

Price has been moving within this structure and recently broke out from the bottom back toward the upper resistance line.

This pattern typically ends with a bullish breakout, especially after consolidation near the lower boundary.


2. Key Zones

Support Zone: Around $102,275 – $103,680 (light green zone).

Resistance Zone: Between $106,128 – $107,351 (light red zone), with an extended resistance up to ~$109,591 (dark red line).


3. Pattern Suggestion

The blue zigzag lines suggest a possible Inverse Head and Shoulders pattern near the current price area, indicating a bullish reversal.

A projected price path (in dotted grey) hints at a bullish move targeting the upper trendline near $106,128–$106,157, potentially a 16th–21st June breakout setup.


4. Price Action

Current price: $103,982.63, with moderate momentum (+0.66%).

The arrow projection suggests a bullish move targeting the upper resistance zone.



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Summary:

Bias: Bullish short-term outlook.

Target Zone: $106,100–$107,300.

Invalidation: Drop below $102,275 may negate the bullish setup.


Let me know if you'd like an entry/exit plan, risk/reward analysis, or a trading strategy based on this setup.