Looking at the 4H time frame analysis, we can see that the market formed itself into a rising wedge. This isn't looking too strong for the bulls as long as we stay inside of it. Should we see a break out below the ascending trendline, our bears will then take over and first short term target area will be around 5600.
7000 is a major resistance area for now, which has been rejected multiple times during these past few days. There is a high possibility that we might even break out the wedge by the end of this day, which will set us on a confirmed bearish track to the first target of 5600. If we manage to bounce from this trendline again, I will be expecting the price to break above the 7000 resistance and enter the 7200-7300 price levels of the rising wedge, where we will be looking to enter shorts as indicated on the chart.
This is NOT a financial advice, trade at your own risk!
7000 is a major resistance area for now, which has been rejected multiple times during these past few days. There is a high possibility that we might even break out the wedge by the end of this day, which will set us on a confirmed bearish track to the first target of 5600. If we manage to bounce from this trendline again, I will be expecting the price to break above the 7000 resistance and enter the 7200-7300 price levels of the rising wedge, where we will be looking to enter shorts as indicated on the chart.
This is NOT a financial advice, trade at your own risk!