Updating my prior analysis, where we did hit our downside target, and now moving to the upside, on daily time frame we can see that the price is currently retesting a very important key level, $5312 region ( marked with blue line ), which as you can see its holding very well, from where we did pullback a few days ago.
Being on this region, although it looks really bullish, i still do think we can have a short time spike to the support area highlighted with blue ( Blue Box ), and then claim higher, but that needs to be confirmed first, because as you can see on the 4H chart, price is moving sideways in a box.
Once the box is broken we can confirm the side of the trend, as both upside and downside targets remain the same.
On the Upside, i believe we can retest the $5500 region, maybe a little pullback could occur from there, but overall I'm still bullish until we retest the $6000 area from which did break months ago, and we never really retested it.
However, If we experience a short term pullback from here, the first target would be the blue rectangle located at around $5100
Being on this region, although it looks really bullish, i still do think we can have a short time spike to the support area highlighted with blue ( Blue Box ), and then claim higher, but that needs to be confirmed first, because as you can see on the 4H chart, price is moving sideways in a box.
Once the box is broken we can confirm the side of the trend, as both upside and downside targets remain the same.
On the Upside, i believe we can retest the $5500 region, maybe a little pullback could occur from there, but overall I'm still bullish until we retest the $6000 area from which did break months ago, and we never really retested it.
However, If we experience a short term pullback from here, the first target would be the blue rectangle located at around $5100
Trade active:
Target 1 hit and revered back to the box,
Trade active:
Broke through the first target - 5500 again, a probably going to retest and then heading to 6000
Trade closed: target reached
