people who went long around $3500-$5000 range based on my signal back in 2019, asked me to provide my forecast for future price movements.
this time I don't issue signals cause market is not behaving rationally, but based on my system, this is how I envision future price movements happening.
lets see what 2021 has in store for us!
I expect the price to either fall directly towards that blue area, or first move up to the red box (and possibly purple line) I have highlighted on the chart and then fall back down towards the blue area I have highlighted.
Based on this pattern I think we might first see a move to the upside towards 96.600-97.000 area for a retest and there we have a good shorting opportunity with a stop behind 97.800 and the targets are:
final taregt 92.000
I expect the price to jump higher a bit towards the resistance line of 1.2500 and then fall to around the support line of 1.22500. then we might see a bit of range before it falls further down and hit the support line of 1.19550 .
in the short term, we will see a fall to 1301.00 support line, and after that the price will move further down till it reaches the 1290.00 static line, after that we probably witness another move towards the upside until the price reaches the resistance line of 1350.00 again, to create a megaphone pattern.
I expect the price to fall down towards the support line of 530 in the next two weeks. we might see minor support at 730 and 630 price range, but after reaching the 530 price area, the support will hold and we most likely will witness a bullish trend starting after that.