In this time frame, the price is moving in the circuit of a descending channel, and it has also encountered strong support in the range of $1547, and the range of movement is decreasing. It is expected that the price can cross the support range of 0.618 Fibonacci and continue the trend until 0.786 Fibonacci range should fall.
If it can break the resistance range of its downward trend line, we will see the price rise to the range of $1706.
Resistance range: 1619-1663-1706
Support range: 1515-1547-1569
If it can break the resistance range of its downward trend line, we will see the price rise to the range of $1706.
Resistance range: 1619-1663-1706
Support range: 1515-1547-1569
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