Search ForexCrunch

Price Action Context

The strong bull run between April and end of June last year was followed by a slower 6-month corrective pullback towards a major support around ~6000$. Price formed a short-term double bottom at this major support followed by increased buying.

Buyers are currently putting pressure on the long-term resistance, which can be seen by a small corrective structure inside the resistance zone, indicating little bearish interest for now.

Trending Analysis

Our short-term bias is already bullish. A strong break and close above this resistance would further strengthen our bias and open for potential trading opportunities on weak pullbacks into the broken resistance which then should act as support.

Long-Term Key Support & Resistance Zones

R: 9060 – 9750
S: 5800 – 6600

 


 

Visit our website at 2ndSkies for more price action content, free trading lessons, strategies and videos. Find out how we can help you to change the way you think, trade and perform.