In my previous analysis I wrote about to see further upward movement the price had to breach MA100 level which didn't happen and instead it broke downwards. This is still important before the price can reach higher. Buy orders should be set above MA100 level. Breaking downtrend line would indicate that the price wants to move higher. What if the price breaks downwards? Other buy opportunities should be waited and watch for these reversal zones. If the price hits the of the current channel and bounces, this is indicating that the price wants to move higher. Only break downwards from this would indicate price moving further downwards.
The market is forming a and this is giving us a new trading opportunity.
This time I'll keep this text short! I'll keep you updated.
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Buy: Above 15,800 level
Partial Profit Target: 17,700 level
Main profit targets: Around 20000.00 and 21000.00 levels
Longer term Target: 26,000 level
Stop Loss: 10,700
Things to Remember:
-> Stop-loss orders are strongly recommended.
-> Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
-> Do your homework before investing.
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Landed perfectly in to first possible reversal zone. To see further upward movement the price needs to A) Break downtrend line B) Make Higher Lows C) Break above MA100 line.
Bottom level of the previously formed channel is acting as a resistance now and to see price move higher it needs to breach this. Previous targets are still valid. MA50 and MA100 cross would indicate of trend reversal.
Note moving averages on the chart. This is a strong signal for beginning of an uptrend. Also the price bounced from the MA100 level. If the current candlestick closes same height than the previous candlestick this supports the idea that the price will move higher.