In the recent price action, we have observed a notable bullish trend as the price has surpassed the level it was trading at 10 bars ago. This upward momentum indicates a positive market sentiment and suggests the potential for further price increases.
Furthermore, we have also noticed a significant development in the price crossing above the 21-day moving average. This event suggests a shift in the market dynamics, as the price has moved beyond a key indicator of the average price over the past 21 day. This breakout above the moving average indicates a potential reversal from a previous downtrend to a new uptrend.
Additionally, prior to this breakout, the price appeared to have undergone a period of accumulation near the bottom of the major downtrend. This accumulation phase typically signifies a consolidation or gathering of buying interest, potentially indicating a market bottom. The subsequent breakthrough of resistance further strengthens the case for a reversal in the overall market direction.
In summary, the recent price action and the breakout above the 21-day moving average point towards a shift from a bearish trend to a bullish trend. The market seems to have concluded a phase of accumulation and is now signaling a new uptrend.
Note for everyone who came across this reference: *This chart analysis is only for reference purpose. *This is not buying or selling recommendations. *I am not SEBI registered. *Please consult your financial advisor before taking any trade.