So we have exited the retracement channel and are looking for our way up. There are 2 scenarios which I can see from this graph. The STOCH RSI is showing overbought so that is an indicator for downward movement however I think the STOCH RSI will relax till midway where it will hit the bottom of the new upward trend line and there we should see the price moving to next boundary 8400 USD.
Another scenario that might happen is that we might break the resistance of 7800 USD now and move to 8200 USD however I don't believe this scenario happening as there are no indicators of upward movement now but if this takes place then we should be looking for a good retracement after we have hit 8200 USD which could bring us down to 7800-7900 USD price range.
Lets see which scenario takes place, however m forecast is the first scenario which is that the price should drop down to 7500 USD price range where the STOCH RSI should show oversold and MACD should be getting close indicating an upward movement!
Good Luck, Traders!
Ashanti
Another scenario that might happen is that we might break the resistance of 7800 USD now and move to 8200 USD however I don't believe this scenario happening as there are no indicators of upward movement now but if this takes place then we should be looking for a good retracement after we have hit 8200 USD which could bring us down to 7800-7900 USD price range.
Lets see which scenario takes place, however m forecast is the first scenario which is that the price should drop down to 7500 USD price range where the STOCH RSI should show oversold and MACD should be getting close indicating an upward movement!
Good Luck, Traders!
Ashanti
Comment:
So, the first scenario came true! However I
Comment:
However I didn't think the drop would be this big but it found its support at 7400-7500 USD price range and now seems to be the moment to buy back as we should be looking to go up in a few days. Good Luck, Traders!
