The support level was broken on the Daily timeframe on August 19 breaking through $22,400, and the trend is bearish now. The market has been in the correction wave for the last several days.
This correction has already formed the new support. Its borders are $20,840 – $20,769. This price zone will be the target for the bullish movement continuation after the correction is finished.
In case of successful development of the trend, a more distant target will be on the lows of July 11 – 14, where the next support is located with the borders of $18,905 – $19,288.
Signals to sell will be relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of August 12 – 15. The borders of this resistance are $24,460 – $25,212. The new resistance will be formed if the bearish candle is closed today.
This correction has already formed the new support. Its borders are $20,840 – $20,769. This price zone will be the target for the bullish movement continuation after the correction is finished.
In case of successful development of the trend, a more distant target will be on the lows of July 11 – 14, where the next support is located with the borders of $18,905 – $19,288.
Signals to sell will be relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of August 12 – 15. The borders of this resistance are $24,460 – $25,212. The new resistance will be formed if the bearish candle is closed today.