Key Resistance Zone Ahead

"The OP's trend on the weekly timeframe is bullish, characterized by higher lows and highs within an ascending channel, suggesting continued growth. Despite a correction and failure to stabilize above the significant resistance zone (orange zone), the expectation is for emerging bullish patterns to resume the upward trend, aiming for the channel's top.

2/3/20241 min read

OP analysis - Weekly timeframe, bullish trend, ascending channel with fluctuations, higher lows and
OP analysis - Weekly timeframe, bullish trend, ascending channel with fluctuations, higher lows and

The OP's trend on the weekly timeframe is bullish, marked by forming higher lows and highs. It has created an ascending channel, predicting price fluctuations within it and continued growth. A bullish pattern at the channel's bottom targets the channel's top. However, a significant resistance zone (orange zone) must be overcome. Although the price has failed to stabilize above this zone and is correcting, the expectation is that emerging bullish patterns will resume the upward trend, leading the price to the channel's top.