H1 : Clear breakout of the 58400 cluster area triggered a sharp upside move acceleration (successive long white bullish candles !)
Nevertheless, such kind of price action may trigger an mirror effect and therefore I would suggest to remain cautious as mentioned
in my previous H4 analysis.
A failure to hold above the 60'000 would be the first signal of further weakness which would be confirmed by a breakout of both
Tenkan-Sen (conversion line) and Kijun-Sen (base line), respectively, currently @ 59546 and 59439.
Such kind of price action would direcly put the focus on the Mid Bollinger Band support @ 58950 ahead of the former cluster resistance
zone of 58400, which also coincides with the uptrend support line which started @ 55441
M15 : Short term support zone between 60400 and 60000 (59939 being the 38.2% Fibonacci retracement (57840-61222)
A failure to hold above that zone would also confirm a downside breakout of the Mid Bollinger Band .
Interesting to note the fragility of the 59100-60400 trading range and a sharp downside move can not be ruled out (mirror effect !!
Should this bearish scenario occurs, minor support are @ 59530 ahead of 59130 and as mentioned in H1 58400 as a very important support
zone to look at
Nevertheless, such kind of price action may trigger an mirror effect and therefore I would suggest to remain cautious as mentioned
in my previous H4 analysis.
A failure to hold above the 60'000 would be the first signal of further weakness which would be confirmed by a breakout of both
Tenkan-Sen (conversion line) and Kijun-Sen (base line), respectively, currently @ 59546 and 59439.
Such kind of price action would direcly put the focus on the Mid Bollinger Band support @ 58950 ahead of the former cluster resistance
zone of 58400, which also coincides with the uptrend support line which started @ 55441
M15 : Short term support zone between 60400 and 60000 (59939 being the 38.2% Fibonacci retracement (57840-61222)
A failure to hold above that zone would also confirm a downside breakout of the Mid Bollinger Band .
Interesting to note the fragility of the 59100-60400 trading range and a sharp downside move can not be ruled out (mirror effect !!
Should this bearish scenario occurs, minor support are @ 59530 ahead of 59130 and as mentioned in H1 58400 as a very important support
zone to look at
