In this time frame, the price is moving in the circuit of a downward trend line, and after hitting the support range of $1422, it entered the correction phase and with a strong candle, it was able to break the resistance range of the trend line upwards.
In order to make sure that this failure is not a fake break and that the trend has changed, we should wait for the price to stabilize in the Fibonacci range of 0.618 and 0.786, and by crossing the next resistance ranges, we will expect the price to rise to the $2100 range. But if the failure is fake and the price returns below the trend line, we will expect the continuation of the downward trend and the price drop to the range of $1272.
Resistance range: 1726-1905-2100
Support range: 1496-1363-1272
GOODLUCK
SANAM
In order to make sure that this failure is not a fake break and that the trend has changed, we should wait for the price to stabilize in the Fibonacci range of 0.618 and 0.786, and by crossing the next resistance ranges, we will expect the price to rise to the $2100 range. But if the failure is fake and the price returns below the trend line, we will expect the continuation of the downward trend and the price drop to the range of $1272.
Resistance range: 1726-1905-2100
Support range: 1496-1363-1272
GOODLUCK
SANAM