The price reached the 2nd support zone
which is formed by 0.618 Fib level and 10000.00 support level
. This zone can stop and reverse the market and we should be ready to open long trades based on the confirmed reversal signals. RSI
is in the oversold zone and it will give good confirmation for possible price reversal. Also we should consider this zone as a good for opening long term trades. But what if the market breaks the 2nd support and moves lower? We can draw a descending price channel
and the line of this channel will formed the 3d support zone
with 8000.00 level. This zone is very interesting for buying and investors with big money will be able to reverse the short term downtrend. Probably it will be a starting point for new upward movement to the previous highs.