Price has been in a bullish uptrend channel for a while and remains within. Currently in range between 1795 and 1815. I am expecting price to continue to rise long term towards 1850 with 1830 as a first target.
However in order for this to continue, we need to see a retracement back down to as far as 1760 level or the 50 day EMA before this move continues. Profit taking with regards to the overbought RSI should be expected in the short term.
However in order for this to continue, we need to see a retracement back down to as far as 1760 level or the 50 day EMA before this move continues. Profit taking with regards to the overbought RSI should be expected in the short term.