The chart shows key support and resistance zones, along with possible breakout or rejection scenarios drawn in blue arrows.
🔍 Key Elements
- Current Price: Around $4,201–4,202.
- Resistance Zone: Near $4,205–$4,211 (upper purple box).
- Support Zone: Around $4,188–$4,190 (lower purple box).
- Moving Averages: Short-term EMAs (orange and blue lines) showing short-term uptrend bias.
- Two Trade Scenarios:
- Bullish Breakout
- Bearish Rejection
🟢 Bullish Scenario
If price breaks and closes above $4,211, the market may continue upward.
- Entry: Above $4,211 (after breakout confirmation).
- Target: Around $4,274 (marked by green rectangle).
- Stop Loss: Just below resistance, around $4,188.
Reasoning:
Strong bullish structure, higher highs, and moving averages supporting upward momentum.
🔴 Bearish Scenario
If price fails to break resistance and falls below support at $4,188, it may drop further.
- Entry: Below $4,188 (after retest and rejection).
- Target: Around $4,150–$4,140 (lower purple zone).
- Stop Loss: Above resistance, around $4,211.
Reasoning:
Possible double top or resistance rejection at the current level, showing sellers’ strength.
⚖️ Summary
| Scenario | Bias | Entry Trigger | Target | Stop Loss |
|---|---|---|---|---|
| Bullish Breakout | Uptrend | Above $4,211 | $4,274 | $4,188 |
| Bearish Rejection | Downtrend | Below $4,188 | $4,150–$4,140 | $4,211 |
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