This is the daily time frame where we can see more clear bias in this market. A huge parabolic moves has been formed in the last few days. A 7% gain since the break out from the previous heavy resistance is so crucial in my view. A good news lately is becoming the direct factor that drives the price to this level. Price is now trending slightly below the white region which is becoming the major resistance during this structure so far.
Currently, the price is trending inside of this parallel channel which is becoming the highlight of this analysis. A good thing so far is that the price has already broken out from the median line of this channel which acts as a resistance trend line. A huge momentum has occurred and we can see that parabolic moves is now in play. In the short term, the price is now entering the consolidation zone and this is potentially acted as the distribution zone to see further decline as a healthy correction.
If the price can still trending above this region, we'll see further push toward the white resistance zone and potentially can easily break out from this major resistance. But, if the price shows us a drop from current level, I don't think that it will breaks below the blue region which is around $12400 level. This action can be the action of retesting previous broken resistance as a support which represents the phase 2 of break out strategy. In the long run, I'm still leaning on the $16200 to be touched because it simply is the .786 fibonacci level as resistance level.
Currently, the price is trending inside of this parallel channel which is becoming the highlight of this analysis. A good thing so far is that the price has already broken out from the median line of this channel which acts as a resistance trend line. A huge momentum has occurred and we can see that parabolic moves is now in play. In the short term, the price is now entering the consolidation zone and this is potentially acted as the distribution zone to see further decline as a healthy correction.
If the price can still trending above this region, we'll see further push toward the white resistance zone and potentially can easily break out from this major resistance. But, if the price shows us a drop from current level, I don't think that it will breaks below the blue region which is around $12400 level. This action can be the action of retesting previous broken resistance as a support which represents the phase 2 of break out strategy. In the long run, I'm still leaning on the $16200 to be touched because it simply is the .786 fibonacci level as resistance level.
