Next Week’s Market Forecast: Potential Price Correction:Next Week’s Market Forecast:
Potential Price Correction:
Since the price is near the Premium Zone and a resistance level, a short-term correction towards support levels may occur.
Key Support Levels to Watch:
Equilibrium Zone: A strong support zone around $2720 - $2730.
Discount Zone: Lower support at $2617 - $2630, where buyers may step in.
Continuation of the Uptrend:
If the price breaks above the current resistance (Weak High at $2778 - $2780) and consolidates, it may continue its bullish momentum.
Critical Levels for Traders:
Monitor price action at resistance zones to confirm rejection or breakout.
Use BOS and CHoCH signals to align trades with the trend.
Key Support and Resistance Levels:
Resistance Levels:
$2780 - $2800:
A major resistance zone (Premium Zone), likely to cause selling pressure.
$2775 - $2778 (Weak High):
Another strong resistance, which could lead to price rejection.
Support Levels:
$2720 - $2730 (Equilibrium Zone):
An initial support zone for potential price rebounds.
$2700 - $2710 (PDL):
Another strong support level from previous daily lows.
$2617 - $2630 (Discount Zone):
A major demand zone for potential bullish reactions.
Suggested Trading Strategy:
Resistance Reaction:
If the price reaches $2778 - $2780 and shows weakness, consider short-term selling opportunities targeting lower support levels.
Support Reaction:
If the price drops to $2720 - $2730 or $2700 - $2710 and reversal patterns emerge, look for buying opportunities.
