Hello everyone, I invite you to review the DOT chart on the four-hour interval. As we can see, the price is moving in the uptrend channel.
Let's start by marking the support spots for the price and we see that we first have a support zone from $6.46 to $6.21, however if the price goes lower we have a second support zone from $6.01 to $5.80.
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price is currently fighting a strong resistance at $6.85 equal to 0.618 Fib. We continue to have a strong resistance at $7.31, once the price breaks it, it will move towards the resistance at $7.90.
The CHOP index indicates that the energy has been used up, the MACD indicates that the uptrend is maintained, while the RSI has crossed the upper limit of the range, which, according to our rule, often ends with a price rebound and so we see a small correction.
Let's start by marking the support spots for the price and we see that we first have a support zone from $6.46 to $6.21, however if the price goes lower we have a second support zone from $6.01 to $5.80.
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price is currently fighting a strong resistance at $6.85 equal to 0.618 Fib. We continue to have a strong resistance at $7.31, once the price breaks it, it will move towards the resistance at $7.90.
The CHOP index indicates that the energy has been used up, the MACD indicates that the uptrend is maintained, while the RSI has crossed the upper limit of the range, which, according to our rule, often ends with a price rebound and so we see a small correction.