The pattern I mentioned in the last chart continues to behave in the same way that the june pattern and the RSI indicator still is going up.
Also the strong support (around 1355CNY), mentioned before, hasn’t been broken again, after August 25, therefore the perception, that we are in the pull back, increases.
Moreover in the chart, we can find there are 2 resistances, first one around 1508CNY and the second one around 1633CNY. The price is going up, and the RSI tells us the same. If the price breaks the first resistance, for sure, the new bull trend has started out and is strong.
Since my view the price can surpass the first resistance or go back to the support, if the second choice happens then the prices could be oscilating between this channel. For that reason the take profit and stop loss are indicated.
Also the strong support (around 1355CNY), mentioned before, hasn’t been broken again, after August 25, therefore the perception, that we are in the pull back, increases.
Moreover in the chart, we can find there are 2 resistances, first one around 1508CNY and the second one around 1633CNY. The price is going up, and the RSI tells us the same. If the price breaks the first resistance, for sure, the new bull trend has started out and is strong.
Since my view the price can surpass the first resistance or go back to the support, if the second choice happens then the prices could be oscilating between this channel. For that reason the take profit and stop loss are indicated.