The last two days on the dash quotations stand under the sign of consolidation, which from the point of view of the time interval H4 assumed the shape of the triangle formation. This formation is a typical correction system and increases the likelihood of continuing the upward trend. Breaking its top limit opens the way to the attack on new historical maxima, which are likely to be located around 1,600 USD.

Picture 1. Technical analysis, dash, H1,21.12.2017

A less likely scenario seems to be a deeper correction, which may lead to an attack on the nearest l support located in the 1280 USD price area. The maximum range for potential falls is the round level of 1200.

Picture 2. Technical analysis, dash,M15,21.12.2017

The M15 interval shows that we can present the current consolidation as a upward triangle with top line 1480 dollars.

Risk Warning: The contents of this analysis is for informational purposes only and does not constitute investment advice.

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