It does not look good. We did not only bounce from the 11700 but the price also went below the mid-term down trendline (red). That is a negative sign as it creates a false breakout pattern, which usually results with a strong movement in the opposite direction (in our case – south).
With the breakout of the 9200 (happening today as we speak), which is also quite important S/R level, we should see a further drop towards the main long-term support on the 6000 USD (blue). Chances that we will test the blue area again are currently relatively high.

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