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As we simplify this price development, we see a near perfect down channel leading to the 0.618 level. We are potentially showing a bullish divergence on the 1H chart with the MACD. The 15 minute chart is resembling a bear flag so it is possible for more downward movement into this marked zone before the move up. $9,888 is the current price level that needs to be held. $9,757 is the final entry area for a move up. If this level is broken, the previous low of $9,589 will need to provide the support.
As we simplify this price development, we see a near perfect down channel leading to the 0.618 level. We are potentially showing a bullish divergence on the 1H chart with the MACD. The 15 minute chart is resembling a bear flag so it is possible for more downward movement into this marked zone before the move up. $9,888 is the current price level that needs to be held. $9,757 is the final entry area for a move up. If this level is broken, the previous low of $9,589 will need to provide the support.
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