Potential Breakdown with Retest or Reversal Zone

8 giu

This chart represents a classic Double Top pattern, a bearish reversal signal indicating strong resistance around the 3,380 - 3,390 USD zone (marked with two white circles).
🔍 Key Zones and Levels:

1. Resistance Zone (~3,380 - 3,390 USD):

Price was rejected twice here.

Suggests strong selling pressure and buyer exhaustion.

2. Mid Support/Retest Zone (~3,337.857 USD):

Marked with a horizontal white line.

Could act as a short-term resistance if price retraces.



3. Demand Zone (~3,330 - 3,337 USD):

Highlighted green box: potential reversal/retest zone.

Bullish scenario: price bounces from here and heads back to retest resistance.



4. Current Price (~3,309.980 USD):

Price has broken below the demand zone and is approaching strong horizontal support.
5. Lower Support (~3,265 - 3,270 USD):
Highlighted with blue horizontal lines and purple arrows.
Could be the next bearish target if breakdown is confirmed.
🔄 Two Possible Scenarios:
📉 Bearish Continuation:
Price retests the broken demand zone (now resistance).
Rejects and forms a lower high.
Falls toward the lower support around 3,265–3,270 USD.
📈 Bullish Reversal:
Price reclaims the green demand zone.
Pushes above 3,337.857 USD level.
Heads back to retest the double top area (~3,380
✅ Conclusion:
The bias is currently bearish, supported by:
Double top formation.
Breakdown below key demand zone.
Momentum favoring further downside
However, a bullish reversal is possible if price reclaims the 3,337 USD zone and shows strong bullish structure.

9 giu

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