Bonk tests major support zone with bullish reversal on the table
The post Bonk tests major support zone with bullish reversal on the table appeared on BitcoinEthereumNews.com. Bonk’s price has pulled back from a recent swing high after rejecting at daily resistance, but a confluence of major support levels may offer a new opportunity for a bullish reversal. Summary Bonk rejected from daily resistance and is now approaching the point of control, where strong support confluence exists. The $POC region aligns with daily support and the 0.618 Fibonacci retracement. A bounce with bullish volume could trigger a move back to recent highs, while failure increases risk of deeper correction. After an impulsive move from the value area low, BONK (BONK) established a swing high at daily resistance before beginning its current retracement. The breakdown below the value area high marked the first sign of weakness, and since then, price has been steadily declining toward the point of control, a high-confluence zone that could act as a launchpad for the next move higher. Key technical points Support Confluence at POC: POC, 0.618 Fibonacci, and daily support all align in the same region. Market Structure Remains Bullish: Current correction may form a higher low if support holds. Volume Profile Crucial: Bullish volume is required to validate any reversal from this zone. BONKUSDT (1D) Chart, Source: TradingView The current correction, while appearing bearish on the surface, is structurally healthy from a market perspective. The rejection from daily resistance was technically valid following an extended upward leg. However, price now approaches a significant trade location where multiple technical levels intersect. The POC, 0.618 Fibonacci retracement, and daily support zone are all stacked in this region, making it a high-probability area for a bullish reaction. If price reacts positively from this zone, it could form a higher low, continuing the current bullish market structure. From a trader’s standpoint, this is a pivotal level to watch, as it may offer a favorable entry…
The post Bonk tests major support zone with bullish reversal on the table appeared on BitcoinEthereumNews.com.
Bonk’s price has pulled back from a recent swing high after rejecting at daily resistance, but a confluence of major support levels may offer a new opportunity for a bullish reversal. Summary Bonk rejected from daily resistance and is now approaching the point of control, where strong support confluence exists. The $POC region aligns with daily support and the 0.618 Fibonacci retracement. A bounce with bullish volume could trigger a move back to recent highs, while failure increases risk of deeper correction. After an impulsive move from the value area low, BONK (BONK) established a swing high at daily resistance before beginning its current retracement. The breakdown below the value area high marked the first sign of weakness, and since then, price has been steadily declining toward the point of control, a high-confluence zone that could act as a launchpad for the next move higher. Key technical points Support Confluence at POC: POC, 0.618 Fibonacci, and daily support all align in the same region. Market Structure Remains Bullish: Current correction may form a higher low if support holds. Volume Profile Crucial: Bullish volume is required to validate any reversal from this zone. BONKUSDT (1D) Chart, Source: TradingView The current correction, while appearing bearish on the surface, is structurally healthy from a market perspective. The rejection from daily resistance was technically valid following an extended upward leg. However, price now approaches a significant trade location where multiple technical levels intersect. The POC, 0.618 Fibonacci retracement, and daily support zone are all stacked in this region, making it a high-probability area for a bullish reaction. If price reacts positively from this zone, it could form a higher low, continuing the current bullish market structure. From a trader’s standpoint, this is a pivotal level to watch, as it may offer a favorable entry…
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