🔍 Key Observations:
1. Descending Channel (Bearish Trendline)
Price has been respecting a downward-sloping parallel channel (red lines).
It recently broke out above the upper trendline of the descending channel, indicating a potential trend reversal or at least a corrective move upward.
2. Retest of Broken Structure
After breaking the channel, the price retested the previous structure area (highlighted grey zone) and showed rejection.
This structure overlaps with a previous support-turned-resistance zone, giving more weight to its importance.
3. Bullish Impulse and Pullback
A strong bullish candle broke out of the channel followed by a minor pullback.
The latest pullback seems to be retesting a demand zone, indicating possible bullish continuation.
4. Risk/Reward Setup
A long position has been marked:
Entry: Around $3,171
Stop Loss: Near $3,112.58
Take Profit: ~$3,435.91
This represents a high R:R trade, approximately 1:4.5 to 1:5.
🧠 Interpretation & Potential Scenarios:
✅ Bullish Bias (Primary)
Breakout from descending channel.
Retest of structure and rejection.
Demand zone holding.
Targeting previous swing highs near $3,435.
🟢 A close above $3,200+ could confirm bullish momentum continuation.
⚠️ Bearish Contingency
If price fails to hold $3,170 zone and breaks below $3,112, the setup would be invalidated.
Could resume downward trend inside the original descending channel.
🔄 Confluence Factors Supporting Bullish Trade:
Break and retest of descending channel.
Structure + demand zone convergence.
Strong bullish price action and volume during breakout.
Good risk-to-reward ratio.
1. Descending Channel (Bearish Trendline)
Price has been respecting a downward-sloping parallel channel (red lines).
It recently broke out above the upper trendline of the descending channel, indicating a potential trend reversal or at least a corrective move upward.
2. Retest of Broken Structure
After breaking the channel, the price retested the previous structure area (highlighted grey zone) and showed rejection.
This structure overlaps with a previous support-turned-resistance zone, giving more weight to its importance.
3. Bullish Impulse and Pullback
A strong bullish candle broke out of the channel followed by a minor pullback.
The latest pullback seems to be retesting a demand zone, indicating possible bullish continuation.
4. Risk/Reward Setup
A long position has been marked:
Entry: Around $3,171
Stop Loss: Near $3,112.58
Take Profit: ~$3,435.91
This represents a high R:R trade, approximately 1:4.5 to 1:5.
🧠 Interpretation & Potential Scenarios:
✅ Bullish Bias (Primary)
Breakout from descending channel.
Retest of structure and rejection.
Demand zone holding.
Targeting previous swing highs near $3,435.
🟢 A close above $3,200+ could confirm bullish momentum continuation.
⚠️ Bearish Contingency
If price fails to hold $3,170 zone and breaks below $3,112, the setup would be invalidated.
Could resume downward trend inside the original descending channel.
🔄 Confluence Factors Supporting Bullish Trade:
Break and retest of descending channel.
Structure + demand zone convergence.
Strong bullish price action and volume during breakout.
Good risk-to-reward ratio.
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.