🔍 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.
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