The Conclusion for today’s Analysis: Price consolidating between $3683.30 and $3544.50 could give rise to a new swing upwards that will see the price of close above $4384.0
The previous post for (which you can find link below) discussed the formation of an inverted, complex pattern (or inverted, complex, bottom) that had not yet being completed until price closed above ~$4,258.80 where the neckline for the pattern would be positioned.
The price of is currently at support between $3,683.30 and $3,544.50 as indicated on the 4 hour timeframe chart. The bottom reversal pattern (inverted, complex, ) mentioned above can also still be monitored with a close above the neckline used as confirmation for a long (buy) position.
Also, indicated on the chart is a with its lower boundary close to the lower level of horizontal support at ~$3,544.50. This makes the lower price level important to watch for two reasons.
(1) Price closing below $3,544.50 i.e. Point of invalidation does suggest further lower prices for .
(2) Price consolidating around the lower price level ($3,544.50) and the lower boundary of the could provide a solid base for bulls, and therefore the next swing upwards.
Possible trajectories as indicated on the chart includes price holding at upper level of support prior to development of a swing (pink dotted lines) or price holding retracing to the lower level of support and then picking up momentum (blue dotted lines).
Published at Fri, 11 Jan 2019 13:39:43 +0000
