Technical Analysis Breakdown
Trendline Violation: The primary diagonal support, which held firm since the March 9th lows, has been decisively broken. This shift in market structure suggests that the previous bullish momentum has exhausted.
The Bearish Setup: A short position is currently active (indicated by the red/green risk-reward tool), targeting the previous liquidity zone and demand block.
Key Price Levels:
Entry/Current: ~$70,634
Stop Loss: $71,495 (Placed just above the recent local structural high to invalidate the bearish thesis).
Take Profit Target: $68,713 (The significant horizontal support zone and previous "breakout" origin).
Trendline Violation: The primary diagonal support, which held firm since the March 9th lows, has been decisively broken. This shift in market structure suggests that the previous bullish momentum has exhausted.
The Bearish Setup: A short position is currently active (indicated by the red/green risk-reward tool), targeting the previous liquidity zone and demand block.
Key Price Levels:
Entry/Current: ~$70,634
Stop Loss: $71,495 (Placed just above the recent local structural high to invalidate the bearish thesis).
Take Profit Target: $68,713 (The significant horizontal support zone and previous "breakout" origin).
Trade active
Trade closed: stop reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.