The price has reached a support area at the bottom of the long-term logarithmic channel. If this area will not hold the price I see a possible spike to 5330 level which is 1.618 retracement of March 13 bottom - March 25 top. The price did the same retracement in October 2023. Pay attention that we have 1d positive divergence forming on RSI. We are bottoming, a crash is unlikely right now. The reversal will most likely happen this week.
Trade active
Well, I was wrong, we actually crashed. And returned to the exact same spot. The price is testing the bottom of the channel now. Usually the price is being rejected on retest, but this is logarithmic chanel, so I think it will return into it after a pullback. Otherwise it's not gonna end well.Trade closed: target reached
Surprisingly this chart still works pretty well. The price is being rejected from the center of the smaller channel and from one of the trendlines on the upper border of the wide channel. It's not much useful to predict where the price will go, but can help to find resistance/support zones.Note
I was expecting the upper trendline of the wide channel to be reached in February, but it is reached now. Let's see if the price makes a reversal from here.Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.