The price has reached an important resistance at just below 6500 USD. Here the downtrendline, the EMA 20, the horizontal resistance of the former swing lowand the 62% retracement all converge.
That's bad. On the contrary, a few positive things can be noted: the present ascent clearly has an impulsive structure. The downlegs during the last downswing since the beginning of may are getting shorter, and the upward corrections longer (23, then 50, then 62%, approximately). So perhaps the price action and the bullish microstructure of the present move may indicate that the resistance could be broken during the next day(s). The longer it takes, the more improbable it gets.
This of course would be possible buy signal above 6500$. First, a dip to around 6250 is possible.
That's bad. On the contrary, a few positive things can be noted: the present ascent clearly has an impulsive structure. The downlegs during the last downswing since the beginning of may are getting shorter, and the upward corrections longer (23, then 50, then 62%, approximately). So perhaps the price action and the bullish microstructure of the present move may indicate that the resistance could be broken during the next day(s). The longer it takes, the more improbable it gets.
This of course would be possible buy signal above 6500$. First, a dip to around 6250 is possible.