📅 Daily Timeframe: Rejected from the Range Top
In the daily timeframe, we observe a prolonged range box, which is more visible in the weekly timeframe. This range extends from the bottom at $3.743 to the top at $10.801.
🔍 Currently, after the price reached the top of the range, it has entered a corrective phase and retraced to the 0.5 Fibonacci level, establishing support at $6.554. If further corrections occur, the next supports will be at the 0.618 Fibonacci level and $4.847. In the event of a more significant drop, the last support will be at $3.743.
📊 Market volume has been decreasing during this corrective phase, and therefore, I won't provide a short trigger for now. I'll wait for market indicators like TOTAL to confirm a trend reversal.
📈 For long positions, the best trigger is currently the $10.801 level, which is the top of the range. A riskier long trigger would be breaking $8.432. The first resistance the price will encounter after breaking these levels is at $16.116. Breaking 55.29 on RSI will also help add momentum to the market's upward movement.
⏳ 4-Hour Timeframe: More Details
In this timeframe, we can observe the corrective phase with greater detail to find better triggers for futures positions.
🧩 Here, a descending trendline can be seen, which broke after the price was supported at $6.554.
🔑 The trendline breakout trigger is at $7.865. Since this is a continuation trend, breaking the trendline trigger is considered significant. The target for this position is the $10.801 resistance, and the RSI entering the overbought zone will greatly aid the price movement toward this level.
🔽 If the $6.554 support is broken, the next support levels will be at $5.506 and $4.763.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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