Chart Insights
Timeframe: 30-minute chart
Current Price: $3,051.595
High: $3,054.630
Low: $3,050.970
Volume: 1.65K ticks
Trade Setup
Resistance Level (~$3,056):
Price spiked up but rejected at this level.
Potential reversal point if price fails to break higher.
Support Levels:
First Support (~$3,048): If price pulls back, this level might hold as short-term support.
Second Support (~$3,040): If selling pressure increases, price may test this zone.
Possible Scenarios
Bearish Reversal Setup:
If price fails to break the resistance and forms a bearish rejection pattern, a short entry can be considered.
Target: First support at $3,048, second support at $3,040.
Break & Retest Bullish Setup:
If price breaks and holds above $3,056, it could turn into support, leading to further upside movement.
Conclusion:
Watching for a bearish rejection near resistance to enter short.
If resistance breaks, a bullish continuation can occur.
Confirmation with candlestick patterns and volume is key before entering trades.
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