The market gave us many interesting bearish signals and now it looks like the price is going to follow all these signals. There was an attempt to move back to 9000.00 resistance level. The price could not reach this level and the market formed a new swing high lower than the previous one. It is an additional signal confirming that the market does not have power for breaking the resistance and moving higher. If so, the correction movement will be just in time.
We have bearish signals based on the bearish divergence, from RSI, MACD lines and histogram. Also, we have bearish signals from the weekly timeframe. In order to get one more signal confirming the further downward movement, it will be better to wait for a breakout below 8000.00 support level. If the price moves lower this level, the road will be opened to 7000.00 and 6000.00 support zones where reversal signals should be used for opening long positions in the direction of the main bullish trend.
If the price bounces from 8000.00 support, probably we will see a new attempt to reach 9000.00 resistance. This attempt also will be able to fail as the market does not have good support from fundamental factors. But if strong news is released, it will become a good driver for the upward movement to 10 000.00 level and above.
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We have bearish signals based on the bearish divergence, from RSI, MACD lines and histogram. Also, we have bearish signals from the weekly timeframe. In order to get one more signal confirming the further downward movement, it will be better to wait for a breakout below 8000.00 support level. If the price moves lower this level, the road will be opened to 7000.00 and 6000.00 support zones where reversal signals should be used for opening long positions in the direction of the main bullish trend.
If the price bounces from 8000.00 support, probably we will see a new attempt to reach 9000.00 resistance. This attempt also will be able to fail as the market does not have good support from fundamental factors. But if strong news is released, it will become a good driver for the upward movement to 10 000.00 level and above.
If you like my work, please support it by clicking the LIKE button! I will be grateful!
Any comments, ideas - share them below this post!
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The 1st target is 7000.00 support zone. The next target is 6000.00 support zone.