📊 Ascending Channel and Pullback at $3,647.03
- The chart shows a well-structured ascending channel, with higher highs and higher lows.
- The most recent peak at $3,626 represents an important resistance, where the price made a technical pullback — that is, a healthy correction within the uptrend.
- This pullback is typical in ascending channels and can serve as a strategic entry point, provided that support is respected.
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🔎 Interpretation: The pullback at $3,647.03 reinforces the validity of the channel. If the price remains above the lower line of the channel, the movement towards the target of $4,222.22 remains intact.
📈 Moving Averages (20, 50, 100, 200)
The moving averages are correctly positioned, indicating buying strength:
| Moving Average | Trend | Interpretation |
|-------------|-----------|----------------|
| MA 20 | Ascending | Strong short-term, positive momentum |
| MA 50 | Ascending | Confirms medium-term trend |
| MA 100 | Ascending | Supports bullish structure |
| MA 200 | Ascending | Validates long-term trend |
- The price is above all these averages, which is a clear sign of continuity in the uptrend.
- There are no visible bearish crossovers, which reinforces the dominant buying pressure.
🔎 Interpretation: The configuration of the moving averages is typical of an expanding market, with solid technical support across multiple time frames.
🎯 Technical Target: $4,222.22
- This target is consistent with the projection of the ascending channel, especially if the pullback at $3,647 consolidates as support.
- The entry of institutions like BlackRock and European/Asian banks reinforces the appreciation thesis.
- The breakout of the previous peak can accelerate the movement towards the target.
✅ Technical Conclusion
- Confirmed ascending channel
- Healthy pullback at $3,647.03
- Aligned and ascending moving averages
- Viable technical target at $4,222.22
