As we can see there is a death cross on 1D Trading time period of 200MA cross over 100MA.
While in downtrend if a death cross happened it will retain its downtrend. Even if it goes 10% up the trend will be downward. We need to close above 300MA of 1D to be semi bullish. Also to note is the TD candles showing signs of reversal in coming days. TD9 candle completed yesterday. If it is extending we can observe some sideways action of 300-400$ range for 3-4 more days, since after TD 13 candle on 1D is usually a strong reversal point. Our EW analysis also shows a corrective move to upside maximum up to 7730-8900. If closed above 1D resistance of 300MA, it might hunt for 10MA,20MA,50MA. Keeping DC of 200MA-100MA we are sure the targets of 6400-6500 will be touched in near weeks as per long term EW analysis.
1. Currently on 1D we have resistance of 300MA at 7694. Usually 300MA are very strong S/R level.
2. On 1W, we are protected by 100MA at 7513. If weekly closes below it, it can be a sure sign of further downward projection.
Concluding point #1 , we have support at 7513(1D) & resistance at 7694(1W). You can consider this as range, if closed above or below according to their respective time frame candle, you should be knowing where it is headed to.
While in downtrend if a death cross happened it will retain its downtrend. Even if it goes 10% up the trend will be downward. We need to close above 300MA of 1D to be semi bullish. Also to note is the TD candles showing signs of reversal in coming days. TD9 candle completed yesterday. If it is extending we can observe some sideways action of 300-400$ range for 3-4 more days, since after TD 13 candle on 1D is usually a strong reversal point. Our EW analysis also shows a corrective move to upside maximum up to 7730-8900. If closed above 1D resistance of 300MA, it might hunt for 10MA,20MA,50MA. Keeping DC of 200MA-100MA we are sure the targets of 6400-6500 will be touched in near weeks as per long term EW analysis.
1. Currently on 1D we have resistance of 300MA at 7694. Usually 300MA are very strong S/R level.
2. On 1W, we are protected by 100MA at 7513. If weekly closes below it, it can be a sure sign of further downward projection.
Concluding point #1 , we have support at 7513(1D) & resistance at 7694(1W). You can consider this as range, if closed above or below according to their respective time frame candle, you should be knowing where it is headed to.
