In this time frame, the price was rejected after failing to cross the support range of $1422, and as we said in the previous analysis, it rose up to the resistance range of 0.5 Fibonacci and faced resistance in the range of the downward trend line in the 4-hour time frame. It is expected that this range will continue its resistance and the price will fall to the range of $1422. But if the price can break the downward trendline range and stabilize itself in the 0.618 Fibonacci range, we will witness a change in the market trend and the price will rise to the resistance range of $1720.
Resistance range: 1606-1656-1720
Support range: 1492-1459-1422
Resistance range: 1606-1656-1720
Support range: 1492-1459-1422
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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.