Strong support at $90. However, down trend line also is strong. Weakening momentum as confirmed by the MACD indicator.
Likely to see the down trendline holding down prices. Will have to see which Demand Zone (green boxes) provides the support. If it doesn't and it breaks below the $90 support, then it might fall to $75-$80. Definitely don't want to see it fall below $70.
Now, if it breaks above the down trendline, then the next test will be the immediate Supply Zone (red box). If it is broken decisively, then the bulls are back in control. We can look to buy at the next retracement, likely around $100-105.
I won't buy at this point because I'm not exactly bullish right now. But please do your own due diligence.
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
Likely to see the down trendline holding down prices. Will have to see which Demand Zone (green boxes) provides the support. If it doesn't and it breaks below the $90 support, then it might fall to $75-$80. Definitely don't want to see it fall below $70.
Now, if it breaks above the down trendline, then the next test will be the immediate Supply Zone (red box). If it is broken decisively, then the bulls are back in control. We can look to buy at the next retracement, likely around $100-105.
I won't buy at this point because I'm not exactly bullish right now. But please do your own due diligence.
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
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