This is a 4h chart, with fib retracement set at the ATH and the 2980 low (I find this levels stronger than the ones using the 5400 low). This chart tells me that the price is going to test the 0.786 level at 6600, as well as the bottom of the downtrend channel. If this market finds support there, we can expect an upwards move to retest the most recent resistance at 9400 (0.618 fib level). If there is a breakdown of the 0.786 level, next support levels are 6000, 5400 and 5000.
I'm not a professional trader or technical analyst, this is just what I can read with the little knowledge of TA I've acquired in a few months around this platform and others. Comments and questions are welcome.
I'm not a professional trader or technical analyst, this is just what I can read with the little knowledge of TA I've acquired in a few months around this platform and others. Comments and questions are welcome.
Comment:
Target reached at 6651 (less that 1% to my target). Now as expected, the upwards move is in play, confirmed by the 1h big green candle with volume and a bounce in the RSI at 20. The resistances overhead are at he recent downtrend line (black), the middle of the downtrend channel(red dotted) and the 0.618 fib extension at 9400 area.
