- The market has been trading under a bearish trend line since the beginning of 2022. However, since October of the same year, prices have slowed their decline, trading within a 62$ wide range. The trend is therefore neutral in the long term.

- Prices continue to dance within their range, having registered 2 impacts on each of the two bounds. Both moving averages remain in bearish configurations after their last crossover, although currently below the market, within the intermediate support zone of the trading range.
The RSI indicator indicates a growing appetite of bullish investors for the asset by displaying a breakout of its bearish trend line, now moving into the buying zone, well above 50%.

- Although still in consolidation, the bullish alert given by the RSI allows us to envisage a bullish breakout of the trading range, which would unlock an upward potential towards $213.70, $239.16 then $259.0 by extension.
The very short-term bearish configuration, however, tells us that a pull-back towards the intermediate support of the rectangle remains possible.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.