On the 1-hour timeframe, price formed a tight range after a strong downtrend. Selling pressure weakened, and buyers started stepping in. A bullish engulfing candle broke the range with high volume, signaling accumulation.
Price then retested the breakout with a wick, confirming strength. Since then, we’ve seen higher highs and higher lows — a clear sign buyers are in control and price is ready to move higher.
Price then retested the breakout with a wick, confirming strength. Since then, we’ve seen higher highs and higher lows — a clear sign buyers are in control and price is ready to move higher.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.