Since the breakout the price has been in a strong upward movement until the became extremely Oversold and on the next resistance in Green. Since then, the Price is getting some seller pressure.
If the price respects that resistance, it opens up 2 good opportunities to get long.
Scenario 1 (Green Arrows): This scenario is my preferable one, because:
- Breakout Confirmation of the Blue Structure
- Breakout Retest of the formation
- (61.8% from last leg & 38.2% from last bottom)
Scenario 2 (Yellow Arrows): This scenario is also a possible long opportunity if the price does not break and close below that area, because if it does, I will no longer be interested in a Buy, also on this scenario my targets would be more conservative: instead of aiming for an extended target I would only buy for a retest @7.5k for Target 1 and Target 2 a retest of the previous High @9k.
If you like the Idea give it a thumbs up, leave a comment if you want to discuss it or have any question.
Take care & Happy Pip-Hunting
Since the breakout the price has been in a strong upward movement until the RSI became extremely OVERBOUGHT and on the next resistance in Green. Since then, the Price is getting some seller pressure.