Technical Analysis: Overview and Details



1. Trend Direction



The chart shows that the price is in a clear uptrend. Current price action suggests that upward momentum may continue as support levels hold and volume increases.



2. Support and Resistance Levels



• Main Support Level: There is an important support line in the 1,600 area. Staying above this level is critical for the continuation of the rise.


• Major Resistance Level: There is a resistance level at 1.8172 that the price is currently consolidating above. If the price breaks this level, there is a significant upside potential towards the 2,500 region.



3. Formations and Formation Reversals



• Breakout Formation: It is observed that the price has broken the blue resistance line upwards. This breakout may be a signal that supports the continuation of the rise.


• Potential Reverse Head and Shoulders (TOBO) Formation: Price structure and bottom areas may indicate the formation of this formation. This formation is considered as confirmation of an upward movement.



4. Indicators



• Volume: The price action appears to be supported by volume. An increase in volume confirms the strength of the move.


• RSI and MACD (Recommendation): RSI can determine overbought or oversold territory. If the price has not entered the overbought territory, the rise can be expected to continue. MACD can indicate the strengthening or weakening of momentum.



5. Target and Prices



• Short-Term Target: The 1,900 area could be a short-term target above the blue resistance line. Closes above this area will target higher levels.


• Medium Term Target: The 2,500 level stands out as the main target close to the upper resistance on the chart.


• Long-Term Target: If the uptrend is maintained, new targets can be set at higher levels.



6. Strategy and Recommendations



1. Buying Strategy: If the price manages to hold above the 1.8172 resistance, purchases can be considered. Evaluate the support zones in pullbacks for new purchases.


2. Take Profit: In the short term, consider taking profit at 1,900. In the medium term, 2,500 can be targeted.


3. Stop-Loss Level: If the level falls below 1,600, placing a stop-loss may be useful to manage the risk.



7. General Comment



The chart shows potential for an uptrend. However, the price needs to break through critical resistance levels. Breaking these levels, along with volume support, will be an important signal for a strong continuation of the upward movement. It is important to closely monitor market conditions and develop strategies based on support-resistance levels.