If the price holds above this , it is likely to trading inside the range. Otherwise, if it breaks below and closes below $13000, it may fall to the $8000 level because of the following reasons:
- it’s the prior resistance since the bull run at 13/11
it’s the 78.6% level
and it’s also the up forming since 18/9
If this happens, the pair may hold at the minor support at $10800 level, which is the 61.8% fibonacci level and also the 50-day . At present, our best choice is to stay out of the market as there are too many scenarios. A Long position is initiated only on a break and close above $17000.