Hello, Traders!
Buyers repulsed the next attempt of sellers to sell the price below $29000 level and thus showed that they control the range of $29000 - $31000.
Further, the buyers began to go out with the volumes of purchases and met the seller's reaction in his control zone of $39800 - $40900.
But the sales volume was not enough to stop the buyers, and as a result, the buyers on a new momentum brought the price to the resistance level of $42500.
The technical picture of the instrument shows the strength of the buyers: on the daily timeframe, MA100 is in the support zone, while the RSI indicator is in the bullish zone.
The price is now testing the downtrend line of April 14.
The next resistance level, which will hold the buyers is at the level of $44200. From this level, we can expect the reaction of the sellers. The MA200 (daily timeframe) is near that level.
In case the buyers are able to hold the range of $40900 - $42500, then we can expect the continuation of the upward movement to the main sellers' control zone of $47200 - $49700.
It's better to buy on a pullback, with the targets
$47200
$49700
$51200
Stop-loss shall be placed around the level of $36750
Good luck and watch out for the market.
P.S. This is an educational analysis that shall not be considered a financial advice
Buyers repulsed the next attempt of sellers to sell the price below $29000 level and thus showed that they control the range of $29000 - $31000.
Further, the buyers began to go out with the volumes of purchases and met the seller's reaction in his control zone of $39800 - $40900.
But the sales volume was not enough to stop the buyers, and as a result, the buyers on a new momentum brought the price to the resistance level of $42500.
The technical picture of the instrument shows the strength of the buyers: on the daily timeframe, MA100 is in the support zone, while the RSI indicator is in the bullish zone.
The price is now testing the downtrend line of April 14.
The next resistance level, which will hold the buyers is at the level of $44200. From this level, we can expect the reaction of the sellers. The MA200 (daily timeframe) is near that level.
In case the buyers are able to hold the range of $40900 - $42500, then we can expect the continuation of the upward movement to the main sellers' control zone of $47200 - $49700.
It's better to buy on a pullback, with the targets
$47200
$49700
$51200
Stop-loss shall be placed around the level of $36750
Good luck and watch out for the market.
P.S. This is an educational analysis that shall not be considered a 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.