Consolidation Phase:Key Levels and Scenarios for Market Movement

24 Haz

Trend Analysis Summary

Market Consolidation and Key Levels:
The price recently reached the resistance line and corrected down to the support line at 158.800. Currently, it is expected to consolidate between 159.820 and 158.800 until a breakout occurs. Stability below the support zone (159.100 - 158.800) suggests a potential drop to 157.970.

• Bullish Scenario:
  For the bullish trend to continue, the price must break above 159.820 and close a 4-hour candle above this level, aiming for a target of 161.700.
  
  
• Bearish Scenario:
  As long as the price trades below 159.820, it may attempt to drop again to gather bullish momentum. Stability below 158.800 could lead to a decline toward 157.970.
  
  
• Key Levels:
  - Pivot Line: 159.820
  - Resistance Levels: 160.500, 161.300, 161.850
  - Support Levels: 159.220, 158.800, 157.980
  
  
• Summary:
  The market is in a consolidation phase between 159.820 and 158.800. A break above 159.820 signals a bullish continuation toward 161.700, while stability below 158.800 indicates a potential drop to 157.970.
  
  previous idea: