Scenario:
Reasoning:
The successful reclaim of the weekly order block signals a structural shift from bearish to bullish. Holding above this area invites further upside, as demand is confirmed. A retest and bounce from the 1W OB would provide a strong confirmation for additional upside, while failure to hold would indicate the move was a deviation. Patience for a clean retest is likely to reward, with targets toward the equilibrium near $0.96.
- Price reclaimed the 1W order block (OB), confirming strong support in the $0.60–$0.70 area.
- If price consolidates above this weekly OB, expect continuation toward the $0.96 equilibrium/resistance zone.
- A pullback to retest the 1W OB as support (especially in August) is possible and would be a high-probability entry zone for longs.
- Failure to hold the 1W OB would invalidate the bullish setup, so stops should be placed below this level.
Reasoning:
The successful reclaim of the weekly order block signals a structural shift from bearish to bullish. Holding above this area invites further upside, as demand is confirmed. A retest and bounce from the 1W OB would provide a strong confirmation for additional upside, while failure to hold would indicate the move was a deviation. Patience for a clean retest is likely to reward, with targets toward the equilibrium near $0.96.
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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.