Hello followers and other TradingView users!
We have moved sideways now a little bit more than 10 days and this start to be end soon! Why?
First of all, we have finally one bullish candlestick pattern on the weekly chart, the weekly candle close gave us a nice "Hammer" candlestick pattern!
This could show us or indicates us to watch this week for more bullish bias, at least so far when the price action doesn't show us differently!
At the moment the price is under the super-strong resistance area where we have so many monthly lows and monthly highs + round number $6500!
If we want to break this then we have to find that same volume what is on the bearish candles! At the moment we could see that high volume occurs only on the bearish candles, if we watch bullish candles volume then those definitely are not so strong!
The price is between the two strong area. Over the 10 days lasted sideways movement have printed the new strong support line (fat blue) around $6250 and if we want to make it even more complicated, then between the two strong area we have the minor trendline since 15.09.2017!
Over the 10 days lasted sideways movement have printed also some mixed chart patterns, I didn't draw those but there is a small Ascending Triangle, there is a bigger Descending Triangle and etc.
To be bullish we have to break this trendline (black line) and obviously this blue trendline (very-minor:)) + those massive resistance levels - April low, March low, Oct. high, Round number
If we can get a bounce from here then this move has supported with weekly bullish candle pattern so, we could see a finally some movements over the $6550!
"The volume is big only the bearish candles!"
So, it could mean that we have still a very strong pressure down. To confirm some bearishness we have to break that strong support area which is around $6250 and heading to the minor support level (which was before shoulders on the H&S pattern) $6141 + round number area $6000
Hopefully, this helps You out a little bit to confirm Your own analysis! DEFINITELY make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment!