In this time frame, the price is moving in the orbit of an upward trend line and has met resistance in the range of $1228 and formed a double top pattern.
The data is a kind of bearish pattern and it is possible that the price will fall to the range of $1207 and if it can break the support range of its trend line downwards, we will see a further fall to the range of 0.5 and 0.618 Fibonacci. Against this background, with the entry of high volume of purchases and crossing the resistance range of $1228, we will see the price rise up to the range of $1247.
Support range: 1207-1200-1193
Resistance range: 1228-1238-1247
The data is a kind of bearish pattern and it is possible that the price will fall to the range of $1207 and if it can break the support range of its trend line downwards, we will see a further fall to the range of 0.5 and 0.618 Fibonacci. Against this background, with the entry of high volume of purchases and crossing the resistance range of $1228, we will see the price rise up to the range of $1247.
Support range: 1207-1200-1193
Resistance range: 1228-1238-1247