The chart shows a consistent downtrend, characterized by a series of lower highs and lower lows, indicating strong bearish momentum.
Sellers were in control, pushing prices lower over consecutive sessions.
Recently, the price broke above the previous lower high, forming a higher high.
This breakout signals a potential shift in momentum from bearish to bullish.
Potential Reversal Setup :
If the price sustains above the broken resistance (now acting as support), it could confirm a reversal to an uptrend.
For confirmation, traders should watch for the formation of a higher low, followed by another higher high.
Key Levels to Watch :
Support: The previous lower high zone, which now acts as a crucial support level.
Resistance: If the bullish momentum continues, the next key resistance levels could be previous swing highs.
Conclusion: The price is showing early signs of a reversal from a downtrend to an uptrend. Traders should monitor for confirmation of the higher low and bullish continuation.
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