Price has formed a short-term ascending structure, pushing into a strong resistance zone near the highs. The recent move above resistance appears to be a liquidity sweep, where buy-side stops were taken before immediate rejection, indicating seller presence.
The structure is now developing into a rising wedge, which typically signals weakening bullish momentum. Multiple upper wicks and failure to hold above resistance suggest exhaustion at the top and a possible shift in short-term control.
Currently, price is reacting within a key range. If the trendline support breaks, it can trigger a move toward the mid support area, with further downside potential into the main demand zone. This aligns with a possible imbalance fill from the previous impulsive move.
However, if bulls manage a clean breakout and hold above resistance, the structure invalidates the bearish setup and continuation toward higher levels becomes likely.
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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.