The price is trending upwards within an ascending channel, which has been a key support and resistance guide. There are liquidity zones marked as "hunted," suggesting areas where stop-loss orders may have been triggered, causing a reaction in price.
2. Key Levels:
Top of the Channel: The price recently touched the upper boundary of the channel, indicating a potential reversal zone or a point of strong resistance. 2,468 Level: This is a critical level. If the price touches this level again, it could trigger a further downward move towards lower support levels. Support at 2,445.75: This is the next significant support level if the price fails to hold above the 2,468 mark.
3. Potential Scenarios:
Bearish Scenario: If the price touches the 2,468 level and fails to maintain upward momentum, a drop toward the 2,445.75 level is likely. This move could be influenced by the break of the ascending channel and previous liquidity hunts. Bullish Continuation: If the price can regain strength above 2,468 without breaking lower, it could attempt to challenge the top of the channel again.
4. Market Sentiment:
The market appears to be in a cautious phase, with the recent touch on the top of the channel suggesting the potential exhaustion of the bullish move. The liquidity hunts could indicate a shift in sentiment if the price fails to push higher.
Summary:
Current Trend: Upward within an ascending channel. Resistance: Top of the channel and critical level at 2,468. Support: Key support at 2,445.75 if the price breaks down from 2,468. Liquidity Zones: "Hunted" areas indicate possible stop-loss triggering, suggesting potential for reversals.
Outlook: Bearish: If 2,468 is touched again and fails to hold, expect a drop towards 2,445.75. Bullish: Price needs to stay above 2,468 to continue towards the upper channel.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment