On this 12 hour chart I have extended the 50 MA and the 20 MA into a projection (red and blue arrows). It is key that the 20 MA finds itself in a position to rise up through the 50 in order to end this consolidation phase and fuel the next rally to next all time high.
The 200 MA here (pink) is displaying the support area. Should a breakdown occur and a move below this occurs we would seek out the target on the one day chart but I do not see this as a likely scenario now, although further FUD could cause some additional panic.
Currently, I have set a target in the 14000 to 14500 range then we may see a move lower for the final consolidation wave completion. You can also see by the indicator charts below that there is plenty of room for a move upwards.
Currently it is struggling with a resistance area at 11700 but a break through this is expected very soon.
The 200 MA here (pink) is displaying the support area. Should a breakdown occur and a move below this occurs we would seek out the target on the one day chart but I do not see this as a likely scenario now, although further FUD could cause some additional panic.
Currently, I have set a target in the 14000 to 14500 range then we may see a move lower for the final consolidation wave completion. You can also see by the indicator charts below that there is plenty of room for a move upwards.
Currently it is struggling with a resistance area at 11700 but a break through this is expected very soon.