1. Prices are still depreciating and find a big support coming from the downtrend line (dashed blue).
2. Candles continue fluctuating inside the horizontal testing channel inside the supporting (green) zone between $104.5x and $107.0x. The Lin-regression pattern confirms the same idea that prices fluctuating inside the channel around the middle MA without any sort of bias due up or bottom levels of the channel.
3. Breaking the support (green) zone in the uptrend direction is following by resistance coming through EMA50 below $110.5x. Penetrating the EMA50 means that prices are going to hit the first uptrend target around the resistant (red) zone @ $113.xx to make its first initial uptrend since 10/03/22 @ 04:00 pm.
4. Failure(s) to go through the testing zone or breaking the EMA50 lead to another draw back inside the supporting (green) zone where bulls will find good support from the minor trend line (dashed blue). Penetrating below this trend means that prices will tend to correct their positioning @ 61.8% level on price $97.9x which is considered as the first downtrend target.
5. I must annotate that by now prices is finding strong support from minor trend line and 61.8% level. Market will continue stable and will fluctuate over $101.3x as support and below $110.5x as resistant.
Toole used for analysis are BB indicator, ZigZag ++, Fib pattern, Linregression, and MA ribbon.
2. Candles continue fluctuating inside the horizontal testing channel inside the supporting (green) zone between $104.5x and $107.0x. The Lin-regression pattern confirms the same idea that prices fluctuating inside the channel around the middle MA without any sort of bias due up or bottom levels of the channel.
3. Breaking the support (green) zone in the uptrend direction is following by resistance coming through EMA50 below $110.5x. Penetrating the EMA50 means that prices are going to hit the first uptrend target around the resistant (red) zone @ $113.xx to make its first initial uptrend since 10/03/22 @ 04:00 pm.
4. Failure(s) to go through the testing zone or breaking the EMA50 lead to another draw back inside the supporting (green) zone where bulls will find good support from the minor trend line (dashed blue). Penetrating below this trend means that prices will tend to correct their positioning @ 61.8% level on price $97.9x which is considered as the first downtrend target.
5. I must annotate that by now prices is finding strong support from minor trend line and 61.8% level. Market will continue stable and will fluctuate over $101.3x as support and below $110.5x as resistant.
Toole used for analysis are BB indicator, ZigZag ++, Fib pattern, Linregression, and MA ribbon.
Comment:
Linear Regression Pattern
