In the previous update, we've written that if the price falls below $5650
and consolidates below this level, you can open a SHORT position. However, after breaking through this level, the price didn't fix there and quickly came back, which tells us about the strength of BULLS
who keep the price above $5650
. But if we see the weakness of the buyer and the price will remain below $5650
for a sufficiently long period of time, like 22-24 hours then it will be a SELL signal.
Now the price has two options to go UPWARD, such as:
Also, don't forget that we still have an option where the price fails to break through the level $5850. In this case, you should close all LONG positions.
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- 1. Pumping and leave us no time to enter a position, so we will buy at $5850.
- 2. Testing the support at $5650 and only after that going up, breaking through resistance at $5850, fixing there and consolidating to continue upward movements.