Final Resistance Level
Analyzing recent price movements, we observe the breaking of resistance levels and establishment of new ones. With a bullish pattern emerging, the price aims for its next target, emphasizing the importance of stabilizing above the final resistance level for continued growth.
4/13/20241 min read
Previously, we discussed that orange zones would act as resistance levels and green zones as support levels. After reaching the first resistance level, the price encountered a correction phase and then settled at the targeted support level. Subsequently, following a period of fluctuation in that area, the price managed to break through the red resistance level, and we proceeded to establish new resistance levels.
Continuing the process, the price consistently reached its first and second targets, and after breaking the second resistance level, a pullback was observed on the daily timeframe. With the emergence of a new bullish pattern, the price resumed its upward trend. It is now expected that the price will reach its next target.
It is important to note that the final resistance level is crucial, and for the continuation of growth, it is essential that the price stabilizes above this level. Additionally, it should be noted that if strong correction patterns are observed at the final resistance level, the price may enter a correction phase.