The Daily trend is Bearish but is exhibiting classic signs of being deeply oversold, creating a high-probability setup for a significant relief rally. The price has reached an extreme low and is now showing signs of reversal momentum. The MACD histogram, while still negative, is showing a reduction in bearish pressure, hinting that sellers are becoming exhausted.
The Trigger for this long entry is the sharp bounce off the 22.185 low, which indicates a shift in order flow. On the lower timeframes like the 1H, this aggressive upward move would be accompanied by the RSI decisively crossing above the 50 level, confirming that short-term momentum has flipped from bearish to bullish. Price is now positioned to reclaim key moving averages that have been acting as resistance. Entering now is a high-probability trade because we are catching the beginning of a potential mean reversion move from oversold territory, targeting the EMA(7) and the middle Bollinger Band as initial areas of confluence and profit-taking.
Actionable Setup Now (LONG)
Entry: market at 24.293
TP1: 25.690
TP2: 29.220
TP3: 31.310
SL: 21.950
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