This update is an extension on previous long term analyses, although this one
is more longterm. The same support lines are used and are still followed by the market, with one
added at 6k. RSI
supports upward movement, the MA (50) supports it as well. The support around 8.4-8.5k is holding. If it holds, it'll likely go up to 9.1k, since that one
has already been breached, and the indicators support upwards movement, it'll likely move to the new resistance at 10.9k. Gains of around 9% can be made in the first part of the trade. 19% can be made on the second trade. Set stoplosses.
To conclude, the RSI
together with the support and resistance
theory support a test of support at ~8.4k. The MA(50) together with the support and resistance
theory support a test of resistance at 9.1k. It'll move to 10.9k if 9.1k holds well enough.
Keep an eye on the description comments for changes.
If I made you money, please consider buying me a beer to make my day:
Keep in mind to always set stoplosses and know the risk of the volatile market. Technical analysis
is just an indication and is not a guarantee.