Testing the 1W Support.

Jun 13, 2018

The price has just tested the upper layer of the 6,000 - 6,432.4 1W support zone for the first time since April 01, technically completing this bearish leg of the Triangle pattern (RSI = 43.291, MACD = -127.000). We are still assuming no (short) action until either 6,000 breaks or the 0.618 Fibonacci retracement levels (8,327.90 - 8,719.20) are tested. Based on that Lower High repetitive pattern on 1W, testing the 0.618 is more probable. Volumes are increasing (32.01K) and 7,286.70 - 7,417.90 (1H) should be the next target zone for bulls if the 1W support is rejected again (most probable scenario).