📈 Weekly Overview:
Price is holding firmly at the weekly support zone, aligned with the 14EMA, suggesting that buyers are stepping in to defend this key level.
📆 Daily Chart Explanation:
The daily timeframe has formed a potential double bottom pattern, a classic reversal signal. Price is rejecting the 50EMA with consecutive bullish candles, indicating a shift in momentum from sellers to buyers.
⏱ 4H Chart Explanation:
On the 4H timeframe, price is trending above the 50EMA, maintaining a bullish structure. It has recently retraced to a discounted zone and shown a clear reaction, suggesting the possibility of a new leg up. I will wait for confirmation from the lower timeframe before entering to ensure the uptrend resumes with strength.
🧭 Plan:
Price is holding firmly at the weekly support zone, aligned with the 14EMA, suggesting that buyers are stepping in to defend this key level.
📆 Daily Chart Explanation:
The daily timeframe has formed a potential double bottom pattern, a classic reversal signal. Price is rejecting the 50EMA with consecutive bullish candles, indicating a shift in momentum from sellers to buyers.
⏱ 4H Chart Explanation:
On the 4H timeframe, price is trending above the 50EMA, maintaining a bullish structure. It has recently retraced to a discounted zone and shown a clear reaction, suggesting the possibility of a new leg up. I will wait for confirmation from the lower timeframe before entering to ensure the uptrend resumes with strength.
🧭 Plan:
- Bias: Bullish
- Entry: After confirmation in the lower time frame (1H or 15M bullish structure / trendline break)
- Targets: 1st TP near recent swing high, 2nd TP at higher daily resistance
- Invalidation: If price breaks below the discounted zone and 4H structure turns bearish
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