In today's session the quote broke the EMA20 upwards, triggering a series of buy orders that quickly led prices to test the EMA50 with a 4% increase.
At the moment it seems that bears are defending this level, but if in the next sessions it should give way, we could see a test of the resistance of the downward channel that has been formed in the last two weeks.
In addition, with the end of yesterday's day a higher minimum was formed than in 5 previous sessions (on the micro channel resistance line which now acts as a support - dashed line), forming a small symmetrical triangle.
In theory it is a continuation figure that in case of upward breakage has a target that extends up to 8,000, but first will have to overcome the resistance of the bearish channel and altitude 7300/7400.
If the close of the day will be below the EMA50 it will indicate that sellers still have control at these levels and that the quote could retrace towards 6,500, and then continue up to 6,000/5,800 in case of a collapse of the latter.
The indicators are flat, indicating that indecision reigns.
At the moment it seems that bears are defending this level, but if in the next sessions it should give way, we could see a test of the resistance of the downward channel that has been formed in the last two weeks.
In addition, with the end of yesterday's day a higher minimum was formed than in 5 previous sessions (on the micro channel resistance line which now acts as a support - dashed line), forming a small symmetrical triangle.
In theory it is a continuation figure that in case of upward breakage has a target that extends up to 8,000, but first will have to overcome the resistance of the bearish channel and altitude 7300/7400.
If the close of the day will be below the EMA50 it will indicate that sellers still have control at these levels and that the quote could retrace towards 6,500, and then continue up to 6,000/5,800 in case of a collapse of the latter.
The indicators are flat, indicating that indecision reigns.
