NIO Price movements seem Bullish ... Trap ?

Summary of NIO's current technical picture.

Short-Term Bullish Breakout: On the 4-hour chart, NIO price broke above a trendline, suggesting potential upward momentum. However, the retest of the trendline is a crucial moment. If the price holds above the trendline, it confirms the breakout and could lead to further gains.

Strong Support Level: The price is currently at a significant support level, which also coincides with the 80-period Simple Moving Average (SMA). This confluence of support factors increases the likelihood of a price bounce.

Long-Term Uptrend: The 5-day chart shows that NIO is trading above a long-term support trendline with an upward slope. This indicates a prevailing uptrend over a longer timeframe. The recent bounce off this trendline further strengthens this bullish scenario.
Overall Interpretation:

The combination of these factors suggests a potentially bullish outlook for NIO. The short-term breakout, the strong support level, and the long-term uptrend all point towards possible upward price movement. However, the retest of the 4-hour trendline is a critical juncture.

Key Points to Watch:

Trendline Retest: Closely monitor how the price behaves at the retested trendline. A successful hold above the trendline would be a positive sign.
Support Level: The support level and the 80 SMA should act as a strong floor. A break below this level could negate the bullish scenario.
Volume: Observe the trading volume during the retest. Increased volume during the bounce would further confirm the strength of the support level.