▋Observation & Meanings:
▪Price is currently trading within a broader range.
▪After touching the bottom of that range, price bounced and took out the prior high — signaling a potential minor uptrend beginning to take shape within the range.
▋Critical Questions:
🔹 Is the surge reliable?
▪Rather than reacting to a surge, it’s more constructive to wait for a clear uptrend. A valid uptrend only takes shape when price starts forming higher lows.
▪Also, recent behavior within the range suggests bearish pressure remains. Tops are rejected sharply, while bounces from the bottom are slower and more choppy.
🔹What opportunities might be next?
1.A potential long trade toward the top of the range:
▪Look for price to pull back, form a higher low, then push through the previous high in one clean move.
▪The opportunity comes when the price retests the prior high, confirming a resistance-turned-support level.
▪Interesting finding: $3,387 might act as a strong resistance level. The last two bounces from
the bottom of the range both advanced about the same distance before pulling back. Could this time play out the same way?
2.Short opportunities inside the range:
▪This aligns with the current bearish skew.
▪Potential setups to watch for:
- A consolidation that breaks to the downside.
- When price drops through the bottom of the range without hesitation or buildup, it reinforces the bearish bias.
▋Mental Notes:
▪Range-bound markets can still provide opportunity — if you're clear about risk and structure.
▪Don’t predict the price, trade the price. Have a plan, but not blindly follow.
▪The market will always find ways to surprise. Stay open and follow the flow.
If you find the analysis helpful, drop a 🚀 to show some support — always open to thoughts and discussion!
▋Not Financial Advice:
The information contained in this article is not intended as, and should not be understood as financial advice. You should take independent financial advice from a professional who is aware of the facts and circumstances of your individual situation.
▪Price is currently trading within a broader range.
▪After touching the bottom of that range, price bounced and took out the prior high — signaling a potential minor uptrend beginning to take shape within the range.
▋Critical Questions:
🔹 Is the surge reliable?
▪Rather than reacting to a surge, it’s more constructive to wait for a clear uptrend. A valid uptrend only takes shape when price starts forming higher lows.
▪Also, recent behavior within the range suggests bearish pressure remains. Tops are rejected sharply, while bounces from the bottom are slower and more choppy.
🔹What opportunities might be next?
1.A potential long trade toward the top of the range:
▪Look for price to pull back, form a higher low, then push through the previous high in one clean move.
▪The opportunity comes when the price retests the prior high, confirming a resistance-turned-support level.
▪Interesting finding: $3,387 might act as a strong resistance level. The last two bounces from
the bottom of the range both advanced about the same distance before pulling back. Could this time play out the same way?
2.Short opportunities inside the range:
▪This aligns with the current bearish skew.
▪Potential setups to watch for:
- A consolidation that breaks to the downside.
- When price drops through the bottom of the range without hesitation or buildup, it reinforces the bearish bias.
▋Mental Notes:
▪Range-bound markets can still provide opportunity — if you're clear about risk and structure.
▪Don’t predict the price, trade the price. Have a plan, but not blindly follow.
▪The market will always find ways to surprise. Stay open and follow the flow.
If you find the analysis helpful, drop a 🚀 to show some support — always open to thoughts and discussion!
▋Not Financial Advice:
The information contained in this article is not intended as, and should not be understood as financial advice. You should take independent financial advice from a professional who is aware of the facts and circumstances of your individual situation.
Note
The price has officially taken out the prior high, formed a new higher low, and retested the prior high level.
It’s more clear on the 1H chart.
▪ $3,358 is the current defending level.
▪ $3,381 will become the new defending level once the current high is taken out.
The sentiment also seems to have shifted.
As we mentioned, this is a bearish-skewed range. Previously, price often struggled to climb, but now it’s approaching the top with much more ease.
Could this be a sign that the bulls are starting to take control? Let’s wait and see.
Trade active
Short: Price broke the key support at $3,358 and has retested it. Details to follow in the upcoming post.
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.
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.