Waiting for the price to break the supply

Oct 5, 2023

Observing the chart, we note that the supply zone above has been repeatedly tested by the price. Consequently, this supply zone has transformed into a resistance area, rendering it less favorable for considering a sell position if the price retests this level. At this juncture, it's prudent to monitor whether the price manages to breach the supply/resistance above. In the event of such a development, there is a high likelihood that the price will gravitate towards the uppermost resistance level (marked in green).
Above the supply level and up to the resistance area above, everything on the left side is compression, therefore, breaking the supply above will provide a signal to look for a buy position with the resistance at the top as a target.

Oct 6, 2023

Note

The price just broke the supply, there is a small demand at 181.30 which can be seen in the 5-minute chart, for now, if the price retraces to 181.30 it's a good price for buy position

Oct 6, 2023

Note

Close position