1. Overall Trend
Short-Term Trend: The price is in a strong uptrend, trading well above the MA200 (currently at $514.6), confirming bullish momentum.
Long-Term Trend: The breakout from prior consolidation shows a shift into a bullish trend, supported by sustained upward price movement.
2. Support and Resistance Levels
Support:
Immediate support is at $620, which was a recent breakout level and now acts as a support zone.
Stronger support lies at $500, aligning with the MA200 and a key psychological level.
Resistance:
Immediate resistance is at $700, where the price is approaching a historical supply zone.
Further resistance is at $800, a key psychological and technical level.
3. Technical Indicators
RSI (Relative Strength Index): The RSI is at 78.28, indicating overbought conditions, which may lead to consolidation or a pullback.
MACD: The MACD is bullish, with the MACD line and histogram confirming strong upward momentum, though the gap suggests some moderation.
Volume: Trading volume is significantly high, confirming strong buying interest and validating the breakout.
4. Cluster and Zone Analysis
Demand Zone: Key demand is concentrated around $500–$620, where strong buyer activity has been observed during the breakout.
Supply Zone: Selling pressure is likely to emerge at $700–$800, which has historically acted as a resistance area.
Actionable Insight: Monitor the $700 resistance level for a potential breakout, targeting $800 or higher. On the downside, $620 serves as a key support level to watch for potential pullback entries. Be cautious of the overbought RSI, which signals the potential for consolidation or short-term correction.