Key Observations:
Pattern Formation:
A broadening wedge or megaphone pattern (also likened to a bow tie) is forming.
Price is oscillating between expanding trend lines.
Labeled waves: 1, 2, 3, 4, 5 within the pattern.
Critical Zones:
Buy Above: $2,815.98 (upper boundary of the wedge).
Sell Below: $2,258.03 (lower boundary of the wedge).
No Trading Zone: Between $2,258 – $2,815 (uncertainty/consolidation area).
Price Target:
If price breaks below, Target 1 is indicated around $1,800 or below (implied from structure).
Current Price:
Trading at $2,748.56, up +5.05%, within the “No Trading Zone”.
Summary:
The chart suggests waiting for a breakout or breakdown from the wedge pattern to determine the next move. A breakout above $2,815 could signal a buy opportunity, while a breakdown below $2,258 could trigger a sell with a potential target near $1,800.
Ask ChatGPT
Pattern Formation:
A broadening wedge or megaphone pattern (also likened to a bow tie) is forming.
Price is oscillating between expanding trend lines.
Labeled waves: 1, 2, 3, 4, 5 within the pattern.
Critical Zones:
Buy Above: $2,815.98 (upper boundary of the wedge).
Sell Below: $2,258.03 (lower boundary of the wedge).
No Trading Zone: Between $2,258 – $2,815 (uncertainty/consolidation area).
Price Target:
If price breaks below, Target 1 is indicated around $1,800 or below (implied from structure).
Current Price:
Trading at $2,748.56, up +5.05%, within the “No Trading Zone”.
Summary:
The chart suggests waiting for a breakout or breakdown from the wedge pattern to determine the next move. A breakout above $2,815 could signal a buy opportunity, while a breakdown below $2,258 could trigger a sell with a potential target near $1,800.
Ask ChatGPT
Technical Analyst BY Passion
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.
Technical Analyst BY Passion
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.