🟧 Supply Zones (Resistance)
There are multiple marked supply zones above the current price:
3252.22 – 3265.67
Most immediate resistance zone.
Price recently tested and rejected this area, showing active selling interest.
3347.56
Key mid-level resistance zone.
Forms part of a previous consolidation before breakdown.
3414.78 – 3438.16
Stronger resistance due to its position at a prior significant swing high.
If price rallies, this would be a target zone for bulls and a potential shorting area for bears.
3500.15
Long-term high and major resistance.
🟦 Demand Zones (Support)
Support zones have been identified below current price:
3120.78
Recently tested, leading to a bounce.
Indicates demand is present, but not overwhelmingly strong yet.
2956.44 – 2969.96
Major demand zone.
Strong historical support; if price drops this far, expect a substantial reaction.
📉 Price Action Observations
After the bounce from 3120.78, the price has failed to reclaim the 3252.22–3265.67 zone, indicating weak bullish momentum.
The recent lower high formed reinforces the bearish structure.
There was a sharp rejection from the support zone followed by a weak recovery.
📊 Probable Scenarios
Bearish Scenario (More likely short-term):
Failure to reclaim 3252.22 supply could lead to a retest of 3120.78, and if broken, further down toward 2960 area.
Lower highs are forming; bearish pressure is consistent.
Bullish Scenario:
Price needs to break and hold above 3265.67 with strong momentum and volume.
That could open the path toward 3347.56 and higher resistance zones.
✅ Key Levels to Watch
Support: 3120.78 → 2960 zone
Resistance: 3252.22 → 3347.56 → 3438.16
📌 Conclusion
The current structure favors short-term bearish continuation unless the price can break above the nearest supply zone.
Strong support lies below, so while bears are in control now, bulls could re-enter around 2960–3120.
There are multiple marked supply zones above the current price:
3252.22 – 3265.67
Most immediate resistance zone.
Price recently tested and rejected this area, showing active selling interest.
3347.56
Key mid-level resistance zone.
Forms part of a previous consolidation before breakdown.
3414.78 – 3438.16
Stronger resistance due to its position at a prior significant swing high.
If price rallies, this would be a target zone for bulls and a potential shorting area for bears.
3500.15
Long-term high and major resistance.
🟦 Demand Zones (Support)
Support zones have been identified below current price:
3120.78
Recently tested, leading to a bounce.
Indicates demand is present, but not overwhelmingly strong yet.
2956.44 – 2969.96
Major demand zone.
Strong historical support; if price drops this far, expect a substantial reaction.
📉 Price Action Observations
After the bounce from 3120.78, the price has failed to reclaim the 3252.22–3265.67 zone, indicating weak bullish momentum.
The recent lower high formed reinforces the bearish structure.
There was a sharp rejection from the support zone followed by a weak recovery.
📊 Probable Scenarios
Bearish Scenario (More likely short-term):
Failure to reclaim 3252.22 supply could lead to a retest of 3120.78, and if broken, further down toward 2960 area.
Lower highs are forming; bearish pressure is consistent.
Bullish Scenario:
Price needs to break and hold above 3265.67 with strong momentum and volume.
That could open the path toward 3347.56 and higher resistance zones.
✅ Key Levels to Watch
Support: 3120.78 → 2960 zone
Resistance: 3252.22 → 3347.56 → 3438.16
📌 Conclusion
The current structure favors short-term bearish continuation unless the price can break above the nearest supply zone.
Strong support lies below, so while bears are in control now, bulls could re-enter around 2960–3120.
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.