breakout , support zone to defend

The four-hour chart shows that the price pulled back below the breakout level of $4.63, indicating that the bears have not given up. Buyers are expected to fiercely defend the $4.40 to $4.20 support zone. If the price rebounds off this zone and breaks above $4.63, the bulls will again attempt to thrust the pair above $5.11.

Conversely, a break and close below $4.20 will signal that the breakout above $4.63 may have been a bull trap.