Hello, Traders!
Buyers showed control of the $29500 - $31000 range and didn't let the sales collapse the price.
After that buyers initiated market purchases moving the price to the level of local resistance $35700. Purchases intensified and there was an impulse to the level of $39800, after which the first reaction from sellers followed.
Further, the buyers made another attempt to push the price higher, purchases were enough for the price to reach the resistance level of $42500, which was followed by the second reaction of the sellers.
The correction started, the buyers managed to keep the price above the support level of $37800 and won the fight for control of the range of $37800-$40900.
The buyers continue to push the price higher and at the moment the price is testing the level of $45800, from which you can expect the seller's reaction.
The technical picture of the instrument has improved for the last two weeks: the price is above MA100 on the daily and 12H timeframes, RSI is in the bullish zone. Also, the price broke through the downtrend from April 14.
In such a situation, it is worth joining purchases. It is best to do this on a correction.
You can take up your position with a grid of limit orders in the range of $37800 - $40900.
Place a stop loss below the level of $33600
The targets for such purchases will be price levels of
$47200
$49700
$51500
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
Buyers showed control of the $29500 - $31000 range and didn't let the sales collapse the price.
After that buyers initiated market purchases moving the price to the level of local resistance $35700. Purchases intensified and there was an impulse to the level of $39800, after which the first reaction from sellers followed.
Further, the buyers made another attempt to push the price higher, purchases were enough for the price to reach the resistance level of $42500, which was followed by the second reaction of the sellers.
The correction started, the buyers managed to keep the price above the support level of $37800 and won the fight for control of the range of $37800-$40900.
The buyers continue to push the price higher and at the moment the price is testing the level of $45800, from which you can expect the seller's reaction.
The technical picture of the instrument has improved for the last two weeks: the price is above MA100 on the daily and 12H timeframes, RSI is in the bullish zone. Also, the price broke through the downtrend from April 14.
In such a situation, it is worth joining purchases. It is best to do this on a correction.
You can take up your position with a grid of limit orders in the range of $37800 - $40900.
Place a stop loss below the level of $33600
The targets for such purchases will be price levels of
$47200
$49700
$51500
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.