1. Target and Prices
• Short-Term Target: 101,000-103,000 USD zone, just above the resistance line seen on the chart.
• Medium Term Target: $105,000-107,000 level, which is close to the upper boundary of the channel.
2. Support and Resistance Levels
• Support: $97,000-$98,000 range, the lower boundary of the ascending channel and previous touchpoints.
• Resistance: The USD 101,000 and USD 103,000 levels are hurdles for any short-term upside.
• Main Resistance: 107,000 USD level, the upper boundary of the channel.
3. Indicators
• RSI (Relative Strength Index): If the RSI has approached the overbought zone (above 70), a correction may occur at these levels.
• Volume: The recent increase in volume supports the strength of the trend. However, it is important to monitor current volume levels.
• Bollinger Bands: If the price is near the upper part of the Bollinger Bands, the probability of a period of consolidation or correction increases.
4. Formations and Formation Reversals
• Rising Channel: The price continues its upward movement by taking support from the bottom of the channel. This shows that the uptrend continues healthily.
• Breakout Point: The falling trend line on the chart has been broken and this supports the upward movement.
5. Trend Direction
• The general trend is upward. It is moving within the ascending channel and the upward movement is likely to continue.
6. Strategic
• Short Term Trade: By buying close to the 97,000 USD support level, targeting towards the 101,000 USD level can be achieved.
• Medium Term Trading: Once the 101,000 USD level is broken, you can hold the position up to the 105,000-107,000 USD level.
• Stop-Loss: Closing below 96,500 USD may be a signal to close the position.
Conclusion and Recommendation
This chart shows that the trend is strongly upward and is showing a healthy movement within the ascending channel. However, you should always keep a close eye on support and resistance levels, always keeping risk management in mind. Also, do not forget to consider macro market conditions.