The price moves upward in the borders of an ascending price channel. We can see that the price bounced from the middle line of the price channel and now it moves downward. RSI confirmed price reversal in the overbought zone. What does it mean? It means that we should expect for further downward movement to the nearest support zone. We have such zone not far from the current price and it's formed by 4000.00 strong support level and the trend line of the price channel. We must be ready to see a price reversal from this zone. It will give us a good buy signal and an opportunity to join the uptrend. Alternative variant, if the price can break the support zone, we'll see further downward movement to 3500.00 level. This level also will be able to reverse the market and give us new trading opportunities.
Get more trading ideas here https://www.tradingview.com/u/DLavrov/
I've been following you for a while now on Tradingview and I really appreciate your insights!
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