Trade setup: Following a bullish break above $35 key level, price has reached our target of $50 resistance. However, price got very overbought (RSI ~ 82) and we’re seeing some profit taking. Now we wait for the right entry area (support). How far could it pull back? The nearest horizontal support is $35 and the nearest Fibonacci Retracement levels (possible support) are $38 (38.20%), $34 (50%), and $31 (61.80%). Hence, pullback to $34-38 support zone could be an attractive swing trade entry area with upside potential back to $50.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish).
Support and Resistance: Nearest Support Zone is $35 (previous resistance), then $25. The nearest Resistance Zone is $50.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish).
Support and Resistance: Nearest Support Zone is $35 (previous resistance), then $25. The nearest Resistance Zone is $50.
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