Im using extreme simple horizontal trend lines ....the 2 red ones are representing critical candle closes on the weekly basis (very strong) .The two yellow is where we got suppport and resitance on daily basis(candles) after that monster -25% candle back in June ...
-As long as the price is betwen lower Red(9470) line and lower yellow : price shows weaknes ,prepare for breakdown
-as long as price is between lower yellow and upper red :NEUTRAL ,prepare for breakdown or up
-as long as price is between uper red (11740) and uper yellow(roughly at 12200):bulls are strong prepare for break upwards!!
watch the two red lines (9470 and 11740) and you will be fine ....everything else is sideway action !
some lower targets : 8700-8000 (150d MA ,21 D EMA supports) ;8000-8200 ;7k-8000 (couple of horizontal supports)
uper targets : if we break these resitances to up then price should move up very quick to 14-15 k....
-As long as the price is betwen lower Red(9470) line and lower yellow : price shows weaknes ,prepare for breakdown
-as long as price is between lower yellow and upper red :NEUTRAL ,prepare for breakdown or up
-as long as price is between uper red (11740) and uper yellow(roughly at 12200):bulls are strong prepare for break upwards!!
watch the two red lines (9470 and 11740) and you will be fine ....everything else is sideway action !
some lower targets : 8700-8000 (150d MA ,21 D EMA supports) ;8000-8200 ;7k-8000 (couple of horizontal supports)
uper targets : if we break these resitances to up then price should move up very quick to 14-15 k....
Comment:
So far so good ,9470 seems to be holding right now .If that brakes on 4h or bigger ,price should visit 8556 if that breaks 7400..........once again,if prices reaches above 11740 ,bulls are showing some serious strenght and price should go a lot higher.