Hello Traders!
After the second attempt to pass the $66700 resistance level, sellers' response followed.
The cross bid of the buyers was enough to hold the level of $63000 twice. Afterward, the sales intensified, as the result of which two support levels of $63000 and $58000 were broken at once.
At the moment the price is in the buying liquidity buffer between the levels of $55200 and $58000.
The price continues to move within the uptrend despite the correction. The MA100 on the daily timeframe is in support.
Purchases can be considered on the continuation of the correction near the levels of $53800 - $55200.
More risky entry in the range of $55200 - $58000
The bullish scenario can be canceled if the price fixes below the level of $51500.
Therefore it is advisable to place a stop at $50500
Ascending continuation targets at $66700 and $72000
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
After the second attempt to pass the $66700 resistance level, sellers' response followed.
The cross bid of the buyers was enough to hold the level of $63000 twice. Afterward, the sales intensified, as the result of which two support levels of $63000 and $58000 were broken at once.
At the moment the price is in the buying liquidity buffer between the levels of $55200 and $58000.
The price continues to move within the uptrend despite the correction. The MA100 on the daily timeframe is in support.
Purchases can be considered on the continuation of the correction near the levels of $53800 - $55200.
More risky entry in the range of $55200 - $58000
The bullish scenario can be canceled if the price fixes below the level of $51500.
Therefore it is advisable to place a stop at $50500
Ascending continuation targets at $66700 and $72000
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.