Price action shows a strong bullish recovery after breaking out of the descending channel, confirming short-term momentum has shifted in favor of buyers. The market respected the 4647–4677 support zone multiple times, indicating solid demand at lower levels.
Currently, price is consolidating near the 4698 resistance area. A successful hold above 4677 keeps the bullish structure intact and increases the probability of another push toward 4720 and potentially 4818 resistance.
However, failure to maintain above 4677 could trigger a short-term pullback toward 4647 support before buyers attempt continuation. Overall sentiment remains cautiously bullish while price trades above the highlighted support region.
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