Price is following a narrow downward channel similar to the upward channel that it was in. Both upward and downward channels are bound by the 1H 200ema. In the upward channel 1H 200ema acted as support, in the downward channel it flipped to strong resistance. $9255 is very strong resistance, a break above it is relatively bullish because there are more resistances above it at $9325. The maximum upward move as far I can see is $9605. Price is now getting squeezed between the 1H 200ema and the 1H cloud support. MACD has crossed down and is heading to the midline. Price penetration inside the cloud is bearish. A break back into the downward channel will send prices to $7670, closing the gap.
Comment:
gap closed.
