Major Breakout Level:
Last week’s candle closed above the 1W S/R (~0.000013845), marking the highest weekly close in half a year.
Bullish Structure:
Price reclaimed and closed above a crucial weekly resistance. This flips the structure bullish, increasing odds of continuation.
Next Targets:
Immediate resistance lies near the 1M S/R (around 0.000020193–0.000020272). Break and close above opens way toward the 1.27–1.618 Fib extensions (0.000029793+).
Invalidation:
Failure to hold above the 1W S/R and a weekly close back below (~0.000013845) would invalidate the breakout, putting risk back toward mid-range support (0.000009697).
The weekly close above key resistance signals strong buyer interest and market acceptance of higher prices, especially after a multi-month consolidation. This “highest close in 6 months” is a classic trend continuation setup. The next natural target is the higher time frame resistance (1M S/R), with Fibs aligning to previous price action. Failure to hold the breakout level would suggest a failed move and likely mean-reversion.
Last week’s candle closed above the 1W S/R (~0.000013845), marking the highest weekly close in half a year.
Bullish Structure:
Price reclaimed and closed above a crucial weekly resistance. This flips the structure bullish, increasing odds of continuation.
Next Targets:
Immediate resistance lies near the 1M S/R (around 0.000020193–0.000020272). Break and close above opens way toward the 1.27–1.618 Fib extensions (0.000029793+).
Invalidation:
Failure to hold above the 1W S/R and a weekly close back below (~0.000013845) would invalidate the breakout, putting risk back toward mid-range support (0.000009697).
The weekly close above key resistance signals strong buyer interest and market acceptance of higher prices, especially after a multi-month consolidation. This “highest close in 6 months” is a classic trend continuation setup. The next natural target is the higher time frame resistance (1M S/R), with Fibs aligning to previous price action. Failure to hold the breakout level would suggest a failed move and likely mean-reversion.
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.
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.