In our recent analysis, we have pointed out that the price is approaching a key resistance area of two Fibonacci expansions. They were broken very easily this week which may show the strength of the current upward movement. So let’s take a look at the next possible targets for the bulls.
The first one may be set by an upper limit in a parallel trend channel at 25189 USD. The next one could be set by other Fibonacci expansions at 27049 and 32062 USD. The round level of 20000 USD may be the first potential support.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The first one may be set by an upper limit in a parallel trend channel at 25189 USD. The next one could be set by other Fibonacci expansions at 27049 and 32062 USD. The round level of 20000 USD may be the first potential support.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.