Started building a position around 42.7 due to the under/over of the H4 EMA 200 and the prior consolidation high. However, there's an untapped H4 demand zone beneath — if we get a flush into that area and then reclaim 41.2 and the H4 EMA 200, I'll be adding to my position.
Invalidation:
Losing the H4 demand would be my cut-off, potentially opening the door for a sweep of the equal lows near 30.
Scenario:
— If the 200 EMA holds or we see #OneMoreLow to trap sellers and reclaim, the setup remains very bullish.
— Targets: At minimum, a stab into ATH, with the potential for a full extension up to 55.3 and beyond.
Reasoning:
This is a classic under/over setup with demand untested and a clear invalidation level. If buyers step in and reclaim key levels, expect explosive continuation.
Invalidation:
Losing the H4 demand would be my cut-off, potentially opening the door for a sweep of the equal lows near 30.
Scenario:
— If the 200 EMA holds or we see #OneMoreLow to trap sellers and reclaim, the setup remains very bullish.
— Targets: At minimum, a stab into ATH, with the potential for a full extension up to 55.3 and beyond.
Reasoning:
This is a classic under/over setup with demand untested and a clear invalidation level. If buyers step in and reclaim key levels, expect explosive continuation.
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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.