We are in the daily time frame. You can see the green line which was the daily resistance and now is broken. S1 is the support line which the price has hit several times and was supported. The price had a fake breakout of the green line but after completely breaking it, it got rejected from the R1 line. Now the price is at the S1 line and we expect it to receive support once more and move up to the R1 zone again. It is very likely for the price to receive support here because the daily and the S1 line make a confluence with each other here. If the R1 zone is broken, it can see higher prices and if the S1 line is broken, there will be a bearish trend.
Warning: This is just a suggestion and we do not guarantee profits. We advise you to analyze the chart before opening any positions.
@Hitech2020, If this level is broken, the next support level might be $70. We will update the analysis soon.
Hitech2020
⋅
@MarsSignals, its getting 74.50? Is it still valid? Or we are moving to $70?
Aghughu
⋅
Great analysis @MarsSignals However, I'll wait for the price to show some bullish momentum or establish a base at the current support level to become bullish again. Right now, a bearish scenario is more likely.
MarsSignals
⋅
@Desmath, Right. If it goes below the support line, then it would fall further down.