Hello followers and other TradingView users!
At the moment we are around our very strong resistance which consists:
1. Round number $6500
2. March low $6533
3. April low $6425
4. ...and now is there also a minor trendline since 7. aug.
To confirm a breakout from this area we need at least a 4h candle close above the $6533 which is March low. Why 4h, because we have tried almost a week to break that level down but those attempts were unsuccessful. Yes, we got 1h candle closes above the mentioned area but those were just fakeouts so, that's why we need at least the 4h candle close above this level to confirm the breakout!
Breakout 'supported' with nice chart patterns and EMA's:
1. We have a CYPHER pattern which indicates that the 1.st target would be around $6900
2. We have a "Double bottom" on the trendline since 15.09.2017 with two touches
3. In the 1h chart, we break above the 200EMA
4. We have seen very nice and bullish candlestick patterns on the higher level and the higher timeframes
So, we have a pretty nice overview about this area, those monthly lows are pretty significant to watch!
But why the title is "shows some signs..." not "shows some strenght..."...because the volume is pretty low!
If we don't find that power to push the price through those level then I watch the bearish pa. around the $6200 because there are some important levels to watch!
Hopefully, this helps You out a little bit to confirm Your own analysis! DEFINITELY make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment!
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