At the moment, we are observing a test of the upper trendline, which has previously acted as strong resistance. This setup suggests two possible scenarios:
🔹 Bullish Breakout:
If the price manages to break above the channel with volume confirmation and retests the trendline as support, this could signal a trend reversal and open room for a strong upward movement.
🔹 Bearish Rejection:
If the price gets rejected at this level, we could see a continuation of the bearish trend within the channel, potentially targeting the lower boundary once again.
Now the question is: how to profit in both scenarios?
I am entering a short position, if the price breaks out of the descending channel and the upper trendline (previous resistance) is successfully retested as support, I will reverse my position from short to long.
Write in the comments how you would approach this setup 😊
🔹 Bullish Breakout:
If the price manages to break above the channel with volume confirmation and retests the trendline as support, this could signal a trend reversal and open room for a strong upward movement.
🔹 Bearish Rejection:
If the price gets rejected at this level, we could see a continuation of the bearish trend within the channel, potentially targeting the lower boundary once again.
Now the question is: how to profit in both scenarios?
I am entering a short position, if the price breaks out of the descending channel and the upper trendline (previous resistance) is successfully retested as support, I will reverse my position from short to long.
Write in the comments how you would approach this setup 😊
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.