on the weekly time frame an M pattern has formed so market can respond to this pattern
at this case we can expect price go up to touch the neckline of this pattern so on weekly
time frame seems we are bullish yet.
on 1day and lower time frames on the other hand price is moving in a rang area between
two important support and resistant level. as you can see on my chart, we have a daily
resistant level and for having to continue our bull trend a daily candle at least need to break
this level and close above it . with this condition a CBO (clean breakout) may happen and based
on this strategy we can go to our trigger time frame( for daily chart it is 1H chart) and look for
entry..
if not, price can respond to our (2) main trend line and diverging trend line on my chart
or move between these two lines for a while and respond to our daily support level.
however to keep the uptrend it is important the daily candle can hold our daily support level.
Comment
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price broke our important support level. so can go lower. between 21500 to 20000$ is our another important zone.
Comment
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we are in strong support area and you can see from my last update how. now the last daily support level turned to our key resistant level. so if the bulls wants to hold it is important this level break upward. if not more drop is expected after short term correction.
Comment
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we can expect a correction to the neckline of our M pattern. however as long as the price remain below the neckline. it is bearish. above the neckline can change the trend. also between 21K and 20K is our monthly support level so it is very important price hold this area.