After the strong bounce when hit a low point on the 15th December, momentum has been maintained.
After a high of $4300 was hit, went to retrace but quickly bounced and is now trading above EMA200 (orange line). This is an important resistance which can be turned into support if manages to stay above it.
$4050 is our immediate support and also corresponds with EMA10.
Our target remains the same, red on chart (~$4500).
Price Action (What Will Happen Hext?)
If can remain above EMA200, you can expect our target to be challenged soon, if $4300 can be broken first.
If moves down, then the first support will be $4050 as mentioned above. If this level doesn’t hold, the next support is at $3900, which is the low of the earlier retrace as well as the 200MA price.
A total breakdown, would be looking at $3600 for support.
This is a simple chart analysis… I hope you enjoyed it.
Namaste.
Published at Sun, 23 Dec 2018 00:17:24 +0000
