After the recent strong upward rebound, it seemed that the demand side would be able to perform an upward movement with a larger range. That did not happen, which led to the local consolidation in the price region of 170 USD. The main determinant of completing the consolidation should be breaking the downward trend line.
In the event of breaking the above-mentioned downward trend line, I expect increases to continue at least near local resistance located around 200 USD. On the other hand, all the time you should pay attention to the support level of 155 USD, because its breaking out may be the beginning of a larger discount.
The situation at the M30 interval indicates that an upward scenario is more likely in the short term. This assumption is based on the forming of a rectangular triangle that increases with an upper bound in the region of 180 USD.
Risk Warning: The contents of this analysis is for informational purposes only and does not constitute investment advice.
