From a technical perspective, the chart is presenting a solid bullish setup. A strong support level has formed at the lower end of the range, while a clearly defined block order zone near the top is expected to act as resistance. The MACD is nearing a bullish crossover, and the moving averages are on the verge of forming a golden cross — both of which support the potential for upward momentum.
On the higher time frame, particularly the weekly chart, the structure appears to confirm a healthy uptrend. After a strong local high, price retraced in a controlled manner and created a clean market structure shift. Following a successful retest, price broke the previous high, forming a clear Break of Structure (BOS) to the upside — a classic signal that the bullish trend is likely to continue.
The initial profit target lies around the block order zone; however, based on the current momentum and structure, I expect an extension towards the $3.5–$5 range. As long as there are no bearish signals from the broader market, this setup offers an attractive risk-to-reward opportunity with strong upside potential.
On the higher time frame, particularly the weekly chart, the structure appears to confirm a healthy uptrend. After a strong local high, price retraced in a controlled manner and created a clean market structure shift. Following a successful retest, price broke the previous high, forming a clear Break of Structure (BOS) to the upside — a classic signal that the bullish trend is likely to continue.
The initial profit target lies around the block order zone; however, based on the current momentum and structure, I expect an extension towards the $3.5–$5 range. As long as there are no bearish signals from the broader market, this setup offers an attractive risk-to-reward opportunity with strong upside potential.
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