Hello Everyone,
Let's look at the daily chart and try to analyze what is going on at the moment.
We've had a reject at $8600 two days ago, but the volume is not extremely high , we have a lot of sell walls at the $9040-$9050 levels that might break the upside swing. Here we have 2 possibilities, either we break $9200 and then we have a clearer view on the upside trend, or we reject this resistance and fall back to the first support of $8600 which in turn if broken can lead us to further lows -> the swing low $8100 level.
On the hourly:
We see we are in a triangle, getting squeezed between the local downtrend line and the lower part of the channel. Breaking the trendline may lead to further upside to the $9100 level and even wick higher .
Let's look at the daily chart and try to analyze what is going on at the moment.
We've had a reject at $8600 two days ago, but the volume is not extremely high , we have a lot of sell walls at the $9040-$9050 levels that might break the upside swing. Here we have 2 possibilities, either we break $9200 and then we have a clearer view on the upside trend, or we reject this resistance and fall back to the first support of $8600 which in turn if broken can lead us to further lows -> the swing low $8100 level.
On the hourly:
We see we are in a triangle, getting squeezed between the local downtrend line and the lower part of the channel. Breaking the trendline may lead to further upside to the $9100 level and even wick higher .
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