What we can see on the chart is the market turnaround where bears have lost their strength against bulls.
Starting from this past Monday, we can see bulls have taken over and pushed the price back in the downtrend channel.
For the next two days, we can see smaller bullish candles which represent a fight between bulls and bears. On Wednesday we can see a candle with a wick on the upper side. That wick is right on the resistance level at $1.13094.
On Thursday the price retraced back down to the bottom of the demand zone and then returned back up. That retrace is visible as a wick on the bottom side.
After reaching the bottom side where the demand zone is, the price moved strongly above breaking resistance level at $1.14000. The price stopped on the previous candle high and on Friday the price reached strong resistance at $1.14748.
The price is close to the scenario where the market shifts from completely bearish market sentiment to bullish sentiment.
We can see that the price in five days have erased all indecision which was visible in the price range area, in short bullish breakout and short bearish breakout from the price range.
That means the price has strength to fight against any bearish pressure so we can expect to continue moving up.
The week did not end up with a Friday candle close above previous candles' close, but I think on the coming Monday that will be done. Friday had a small retrace after reaching the resistance level at $1.14748, but the candle looks healthy for the next bull move.
The price is not outside of the downtrend channel and is in the confluence of resistance.
If the price manages to close above $1.14748 and then $1.15462, we can say the market is in bullish sentiment. These two levels represent the supply pressure where bears have strength, so if the price manages to close above, we will see a higher price.
The level $1.16187 is the level for bulls that has held the price from falling down, so I would like to see the price above that price to confirm bulls' strength.
Video length 00:07:51
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