Price is moving within a horizontal range, showing accumulation or distribution. Multiple touches at both support and resistance indicate a well-defined structure.
A valid breakout with volume confirmation would be an ideal long entry.
Key Levels on the Chart:
Support Zone: Around $2,920 – $2,925 (Lower boundary of the consolidation range).
Resistance Zone: Around $2,940 – $2,945 (Upper boundary of the consolidation range).
Breakout Target: $3,000 (Psychological resistance & target if the breakout happens).
Trade Setup Considerations:
Bullish Case:
A break and retest above $2,945 with confirmation on the 15-minute or 1-hour timeframe could trigger a long position.
First minor target: $2,960 – $2,970, then extended to $3,000.
Bearish Case (Invalidation Level):
If price fails to hold $2,920, it could trigger a pullback to the next support at $2,900 – $2,890.
In that case, a reversal structure needs to form before considering longs again.