Mid-day update of the price of the Coin Quit 11-09-2017
The price of the formation has found it difficult to confirm the positive pattern mentioned in our recent reports, which is a significant decline and breaks the support of the ascending channel and stabilizes below it, under the negative pressure formed by the SMA 50, but it oscillates above the 23.6% Fibonacci level supported by positive stochastic.
Therefore, these opposing factors make it preferable to temporarily stop neutrality until we get a clearer confirmation of the next direction, which we will get through breaching one of the pivotal levels of support 4236.52 and resistance 4510.00.
We point out that breaching this resistance will return the price to the main ascending channel and then resume the upside move which is next target at 4979.90, while the break of support is a negative factor that will press the price to extend its bearish correction towards 3776.64 as the next major station.
The trading range for today is expected among the support at 4100.00 and resistance at 4700.00
The expected general trend for today: depends on the levels mentioned in the report
The price of forming the breach of the neckline pattern of the head and shoulders inverted and trying to get a close of four hours initially above it, which supports the continuation of our expectations for the uptrend effectively during the coming period, pending targeting levels 4979.90 and 5300.00 as the next major stations.
Stability above 4236.52 is important for sustaining the expected bullish trend and ensuring that it does not fall under short term bearish correction.
The trading range for today is expected among the support at 4400.00 and resistance at 5000.00
The general trend for today is bullish