2600 $ Defence Levels 1) The bullish engulfing at $2600 on the daily chart signals a potential reversal or continuation of the upward trend, making $2600 a critical support level.
2) The rally from $2600 to $2627 on the 15-minute chart shows that once $2600 was confirmed as support, buyers aggressively pushed the price higher within a short time frame.
{ Scalping Opportunity: For short-term traders or scalpers, this intraday rally provides a significant opportunity, especially in fast-moving markets. The 15-minute time frame would be ideal for entering trades after confirming the trend on a larger time frame like the daily chart.}
3) This movement indicates strong bullish sentiment and could lead to further upside in the short to medium term.
Daily Confirmation: Since the pattern is on the daily chart, it holds significant weight, suggesting a possible larger move in the upward direction.
Significance at $2600: If this pattern occurred at the $2600 level, it indicates that buyers are defending this key support level. The strong bullish momentum implies that $2600 is a demand zone, where buyers stepped in after a period of selling pressure.
