The price confidently follows the scenario published earlier. At the moment, we are seeing good growth and the prospect of further upward movement. It is quite reasonable to expect a price of around 5000 and maybe 6000 in the near future. But there is some overbought and the market needs a small correction, after which it can move even more confidently. Support looks tight, in the case of a decline of about 4000, it should hold the pressure of the market.
In the short term, we may decline slightly or remain at the current level, but the medium term and long term show good trading opportunities and the market’s desire to follow the level of about 4975. In case the 4100 level does not hold up the market pressure, we will have greater chances to see a decline closer to 3825. It can be seen that in the 12-hour format, the MACD shows the intersection after which a high probability of moving up, and the Stoch RSI, despite being close to overbought, everything can also remain bullish.
The price is still in the ascending channel and while it is inside the market looks good. As we wrote initially in the post, the last growth needed a correction, which is now received. Support resisted market pressure and we rebound from the lower edge of the channel, which is a positive sign. At the moment we are close to the local resistance of about 4200, the breakdown of which will open up prospects for moving to the upper edge of this channel. Negative can be considered in case of leaving below the channel and under support.