Price has broken above the descending trendline after forming a bullish Change of Character (CHoCH), signaling a shift in short-term momentum. The recent rally has reclaimed key structure, and price is now consolidating beneath a nearby resistance/liquidity zone.
The highlighted resistance remains the primary decision area. A successful breakout and acceptance above this level could expose the next liquidity target near the previous Weak High. However, if price fails to hold the recent breakout structure, a pullback into the highlighted demand zone may occur before buyers attempt another move higher.
Key Levels
Support: Previous breakout structure and highlighted demand zone around 64,000.
Resistance: 64,900–65,000 supply/liquidity zone.
Bullish Scenario: A confirmed close above resistance could continue the move toward the weak high around 66,700.
Bearish Scenario: Rejection from resistance may lead to a retracement into support before the next directional move.
Invalidation: A confirmed close below the highlighted demand zone would weaken the current bullish outlook.
Technical Confluences
Descending trendline breakout
Bullish CHoCH and BOS
Smart Money Concepts (SMC)
Liquidity and weak high target
Price action confirmation
This analysis is based on market structure, liquidity, and Smart Money Concepts. It outlines possible scenarios rather than predicting a guaranteed outcome. Always wait for confirmation before entering a trade.
Disclaimer: This analysis is for educational purposes only and should not be considered financial or investment advice. Always conduct your own analysis and use appropriate risk management.