ORDI is currently trading at a major higher timeframe support zone after a prolonged downtrend.
This level has acted as support multiple times in the past, making it an important area to monitor for potential price reactions.
Market structure remains bearish on the higher timeframe, but downside momentum is slowing down and price is starting to consolidate.
Key levels to watch:
Support at the current range low
Resistance at the previous breakdown level
Higher timeframe resistance above, as marked on the chart
If price holds support and manages to reclaim resistance, continuation toward the next resistance levels becomes possible.
If price fails to hold support, consolidation or further downside cannot be ruled out.
This analysis is based on market structure and support and resistance levels.
No predictions, only scenarios.
All levels and scenarios are clearly marked on the chart.
Questions or comments are welcome in the comments below.
MrC
This level has acted as support multiple times in the past, making it an important area to monitor for potential price reactions.
Market structure remains bearish on the higher timeframe, but downside momentum is slowing down and price is starting to consolidate.
Key levels to watch:
Support at the current range low
Resistance at the previous breakdown level
Higher timeframe resistance above, as marked on the chart
If price holds support and manages to reclaim resistance, continuation toward the next resistance levels becomes possible.
If price fails to hold support, consolidation or further downside cannot be ruled out.
This analysis is based on market structure and support and resistance levels.
No predictions, only scenarios.
All levels and scenarios are clearly marked on the chart.
Questions or comments are welcome in the comments below.
MrC
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.