Here’s a breakdown of the key elements in the chart:
Support Levels:
The purple rectangle highlights a consolidation zone where the price has found support. This area is around the $83.32 level.
The white horizontal line at the top of the image could also represent another potential support level that hasn’t been tested yet.
Resistance Levels:
The orange rectangle indicates another consolidation zone, which acts as resistance. The price has struggled to break above this area.
The white arrows point upwards from the purple rectangle and downwards from the orange rectangle. These arrows suggest potential breakout points:
Upward Breakout: If the price moves above the orange rectangle, it could signal a bullish breakout.
Downward Breakout: Conversely, if the price drops below the purple rectangle, it may indicate a bearish breakout.
