Possible Rejection After Breakout – Levels to Watch
After a strong breakout above the previous consolidation zone, price met resistance near the $3,383 area. However, the bullish momentum appears to be fading, with the price currently dropping back into the previous range.
Key Observations:
The breakout failed to sustain above resistance, signaling potential exhaustion.
Price has re-entered the prior consolidation zone, now testing the $3,339 support.
We could see 3 potential bearish continuation setups:
1. Pullback to $3,339 before further drop.
2. Minor bounce to $3,313, then continuation.
3. Break below $3,277 for deeper downside movement.
Bearish Scenario (Primary Focus): If the price fails to reclaim the $3,367 - $3,383 resistance zone, we may see another leg down, targeting $3,277 or possibly lower.
Bullish Invalidator: Clear break and retest above $3,383 could invalidate this setup and potentially lead to new highs.
This is a flexible outlook based on current price behavior. Let’s stay reactive and monitor these levels for confirmation before committing.
What are your thoughts? Are you seeing more strength or weakness in this structure?
Key Observations:
The breakout failed to sustain above resistance, signaling potential exhaustion.
Price has re-entered the prior consolidation zone, now testing the $3,339 support.
We could see 3 potential bearish continuation setups:
1. Pullback to $3,339 before further drop.
2. Minor bounce to $3,313, then continuation.
3. Break below $3,277 for deeper downside movement.
Bearish Scenario (Primary Focus): If the price fails to reclaim the $3,367 - $3,383 resistance zone, we may see another leg down, targeting $3,277 or possibly lower.
Bullish Invalidator: Clear break and retest above $3,383 could invalidate this setup and potentially lead to new highs.
This is a flexible outlook based on current price behavior. Let’s stay reactive and monitor these levels for confirmation before committing.
What are your thoughts? Are you seeing more strength or weakness in this structure?
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