So what should we do? We wait. We need to see a definitive breakout or rejection from this long term resistance. If we breakout we have marked on the chart the next resistances and these can also be used for long targets by placing sell orders just before the restitance lines.
Here is a closer look at the mentioned resistance markers-
However, if we do reject from the long term line, we can expect to hit the 6000-6100 mark once more, some short targets would be 6600,6350 and 6150.
NOTE: If we are rejected and find support at the 6k mark, this could be the possible last stand for the 6k mark, if we fail to break the long term resistance here we could be looking at a substancial drop .
Got a rising wedge forming on the 1H, bear pattern, also bearish RSI divergence, if we test the support it looks like we will fall out of the wedge and could see an incoming dump here wolves, volume is very very low. If we hit 6700 again, we will open a short there with the following targets -
SELL@ : 6700
TARGET 1 : 6600
TARGET 2 : 6350
TARGET 3 : 6150
TARGET 4: 5950
STOP : 7050