Hello! We apologize for the delay in posting this review.
It’s worth noting that the predictions we made in our previous review on July 15 came true, and the price took a downward turn after several attempts at growth.
The price reached a low of $9085 on July 17, from which point it made an attempt to get overtake $11000 again, but the bears did not give the bulls a chance to achieve this as the $11000-11050 range became a strong resistance level.
From a technical point of view, most factors are in favor of further reductions in price. If the support at $10100 falls through, the bears will get a chance to bring the price down to $9800 or even lower, down to the low reached on July 17.
The price is below the moving averages, which will serve as local resistance levels. The EMA50 moving average ($10388) has crossed EMA100 ($10454). The MACD is also in a negative zone.
On the daily chart, the moving average EMA50 is in a neutral position. It serves as a support level at $10121, which is currently (at the time of writing) preventing further price reductions. The MACD indicator has moved closer to the neutral zone and has a downward trajectory. For those of you counting on an increase – please exercise caution.
It appears that the double top pattern is still in play on the daily chart, and the price is moving down. The previous low fixed on July 17 is a likely target for reduction – below $8900 it will offer good opportunities for purchasing.
Wishing everyone high profits!