The 4-hour chart is aligned with a bullish daily trend, as the price has formed a higher high and higher low structure after rebounding from a low of $36.18. Currently, the price is undergoing constructive consolidation above the key EMA support level, indicating that the uptrend may continue after a brief pullback.
The core entry trigger point lies in the combination of price action on the 15-minute chart with the RSI indicator. The price is retracing to the dynamic support area formed by EMA(25) and EMA(99) (approximately $37.35-$37.24). Meanwhile, the 15-minute RSI remains steadily above the 50 midline after the pullback, suggesting that the potential bullish momentum has not weakened, and the current pullback is more likely a healthy correction rather than a trend reversal.
Now is a high-probability entry strategy, as we seek to capitalize on buying opportunities in an established short-term uptrend. The price retracing to the key EMA support level provides us with a controlled-risk entry point. As long as the price can hold this support area and the RSI moves back up from around the 50 level, bullish momentum is likely to build again, pushing the price to challenge recent highs.
Trading suggestion (Long)
Entry: Market price $37.49
TP1: $38.00
TP2: $38.40
TP3: $38.80
SL: $36.90
