(Disclaimer: The following is only a personal opinion and not investment advice. Please make your own judgment before making any decisions.)
Last week, the price successfully broke below 21,436 on Monday, forming an overall bearish pattern. It subsequently reached the lower targets of 20,870, 20,648, and 20,549 in sequence, with the lowest close at 20,409. Although there was a rebound towards the end of Friday's session, it has not been sufficient to reverse the overall bearish trend.
[Rebound First, Then Decline]
Next week, I believe there is a high probability of further decline after a rebound. If this assumption holds, the price may experience intraday consolidation around 21,000 before breaking further upwards. If bearish forces dominate, the rebound should stay below 21,524–21,617, followed by another downtrend. The short-term downside targets are between 20,200 and 19,900.
If the price remains below 21,617, selling on rallies could be considered. However, if the price quickly breaks upwards, it is crucial to set a stop-loss in time.
For those looking to trade the rebound, short-term targets should be 21,016 and 21,115, with take-profit levels between 21,400 and 21,617. If the rebound scenario is valid, the price should not break below 20,221!
[Downtrend Continues]
If the price breaks below 20,221 quickly on Monday or Tuesday, there may be no short-term rebound opportunity.
[Bullish Scenario]
If bullish forces dominate next week, the price should break above 21,617 quickly and establish solid support above 21,000. In this scenario, the price should not drop below 20,221. The main upside targets are 21,617, 21,723, and 22,061 in sequence.
Last week, the price successfully broke below 21,436 on Monday, forming an overall bearish pattern. It subsequently reached the lower targets of 20,870, 20,648, and 20,549 in sequence, with the lowest close at 20,409. Although there was a rebound towards the end of Friday's session, it has not been sufficient to reverse the overall bearish trend.
[Rebound First, Then Decline]
Next week, I believe there is a high probability of further decline after a rebound. If this assumption holds, the price may experience intraday consolidation around 21,000 before breaking further upwards. If bearish forces dominate, the rebound should stay below 21,524–21,617, followed by another downtrend. The short-term downside targets are between 20,200 and 19,900.
If the price remains below 21,617, selling on rallies could be considered. However, if the price quickly breaks upwards, it is crucial to set a stop-loss in time.
For those looking to trade the rebound, short-term targets should be 21,016 and 21,115, with take-profit levels between 21,400 and 21,617. If the rebound scenario is valid, the price should not break below 20,221!
[Downtrend Continues]
If the price breaks below 20,221 quickly on Monday or Tuesday, there may be no short-term rebound opportunity.
[Bullish Scenario]
If bullish forces dominate next week, the price should break above 21,617 quickly and establish solid support above 21,000. In this scenario, the price should not drop below 20,221. The main upside targets are 21,617, 21,723, and 22,061 in sequence.
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.
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.