The chart shows a strong bullish trend that has been in place since late August. The price has consistently created higher highs and higher lows, a classic sign of upward momentum.
Resistance Turned Support: The level around 3660 (marked by the red line) is a crucial area. Previously, this level acted as a strong resistance, with the price attempting to break it multiple times. On September 9th, the price successfully broke above this level and has since been using it as support. Failed Bearish Push: On September 11th, a strong bearish push attempted to break this support level, but the price quickly recovered, confirming the strength of the 3660 support. Given the strong bullish trend and the confirmed support at the 3660 level, the most logical and high-probability trade is to initiate a BUY order.
Why a BUY?
The overall trend is clearly upward. Trading with the trend is generally the safest strategy. The price has retested a key level of former resistance that is now acting as strong support. This is a classic "break and retest" setup, a common entry point for traders. The recent bearish push failed to break this support, indicating that buyers are still in control and ready to defend this price level. The immediate target for this buy order would be a re-test of the recent high around 3675 and a potential push toward new highs.