As part of the forecast for October 6, we can expect further price movement within the steady flat. We can see the impulse for growth both from the current positions and after deeper testing of the flat's lower limit, up to $6,370. The development of the upward movement is still in priority, and the protracted consolidation is preparing a good springboard for the momentum of price growth. The initial goal, in this case, will be to update the highs at $6,840 and then rise to $7,300.
We can not ignore the possibility of the opposite scenario. There is no reason to assume a natural price reduction and the search for a new bottom at the moment. But we still need to keep in mind that the cancellation of the growth will be an unsuccessful testing of the support area and, as a result, its breakdown. In this case, we can expect a fall to the level of $6,145 and an update of the lows.
As part of the forecast for October 6, the priority is to wait for the development of the upward movement, with the original goal to consolidate above $238.50. If this happens, we can wait for further growth with a goal of $255.00. Active actions by buyers are possible either from current levels or after the retest of the support zone in the range of $215.50- $202.30.
Cancellation of this will be a drop in the price on good volumes and consolidation below $202.30. In this case, we can wait for the downward movement, with the goal at $167.00.
As part of the forecast for October 6, we can expect the continuation of lateral movement in the framework of the settled flat and the development of the next rising wave to the upper limits of the $0.62800- $0.59650 corridor. The beginning of the movement may occur from current levels, or after the price goes a little lower, to the support zone.
Cancellation of the development of an upward corrective wave will be a fall to the support level of $0.43650. In this case, we will need to closely monitor the price behaviour at this level, since updating this minimum and fixing the price below will speak about the development of a downward movement, and a bounce will only mean an expansion of the flat zone.
As part of the forecast for October 6, we can expect further attempts of the price to go below the lower limit of the upward daily channel and break through the level of $112.800. As long as these boundaries are not broken through on the respective volumes, the development of the continuation of the upward movement in priority, therefore, after the retest of the support zone, we can expect a price increase with an intermediate goal to update the local maximum at $122.000, and then gain a foothold above $127.500.
Cancellation of the growth will be a breakdown of the lower boundary of the upward daily channel and fixing it below the minimum of $107.800. In this case, we should expect a further reduction of quotations in order to update the local minimum at the level of $104.200.
