Since September 2020, the price has been in a long upward trend. Price movements within this trend are corrected by two lines - resistance and support, formed: resistance - in August, support - in September.
In October, the price experienced a serious collapse, but by the beginning of November the price returned to the trend lines and, over the course of the month, predictably moves from one of them to another.
The lines are not parallel to each other, if you mentally extend them, they connect, and therefore the price movement becomes less and less wide and strong. However, it is too early to talk about a global trend reversal.
Now the price has come to the resistance line during the growth. It hasn't touched the line yet, but I expect it to complete the upward movement and touch it at 3695.7. Then it will start to fall. In the fall, it will fall to the support line. I expect the target is 3647.7.
Traders, if you liked this idea or have your opinion on it, write in the comments. I will be glad👩💻
why fall..? it is staying at resistance level ,,, the up move is very impulsive it should turn into breakout logically..
Lingrid
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@Lavin123, i see duplicate elements, that's why my target is 3647.7.
Lavin123
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@Lingrid, no disrespect, I think that should be sl... for long, see a clear converging ascending triangle in smaller timeframe ..it’s kind of bull flag ...suggesting bulls to be dominant..
I might not be as experienced as you, but there are logic suggesting a bull breakout..
A) price staying at resistance for long that means it doesn’t consider resistance as strong.ideally it should give impulse at resistance, as it did in past..
B) the more number of touches to resistance the weaker it become.