From a technical perspective, the chart is presenting a solid bullish setup. A strong support level has formed at the lower end of the range, while a clearly defined block order zone near the top is expected to act as resistance. The MACD is nearing a bullish crossover, and the moving averages are on the verge of forming a golden cross — both of which support the potential for upward momentum.
On the higher time frame, particularly the weekly chart, the structure appears to confirm a healthy uptrend. After a strong local high, price retraced in a controlled manner and created a clean market structure shift. Following a successful retest, price broke the previous high, forming a clear Break of Structure (BOS) to the upside — a classic signal that the bullish trend is likely to continue.
The initial profit target lies around the block order zone; however, based on the current momentum and structure, I expect an extension towards the $3.5–$5 range. As long as there are no bearish signals from the broader market, this setup offers an attractive risk-to-reward opportunity with strong upside potential.
On the higher time frame, particularly the weekly chart, the structure appears to confirm a healthy uptrend. After a strong local high, price retraced in a controlled manner and created a clean market structure shift. Following a successful retest, price broke the previous high, forming a clear Break of Structure (BOS) to the upside — a classic signal that the bullish trend is likely to continue.
The initial profit target lies around the block order zone; however, based on the current momentum and structure, I expect an extension towards the $3.5–$5 range. As long as there are no bearish signals from the broader market, this setup offers an attractive risk-to-reward opportunity with strong upside potential.
Pernyataan Penyangkalan
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Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.