- January 11, 2023
- Posted by: cabana-admin
- Category: Market Insights
Overview:- By analyzing the daily technical chart we can see that bulls are doing their best and heading to north side. Overall pair is now trading in uptrend and in an uptrend market always buy on dips will be profitable strategy. Well the way bulls are reacting it seems like they are driving the car and going for a long drive. Traders and investors are advised to buy the pair for long term targets are still on the cards.
Technical Analysis: – From technical prospective we can see that pair is trading above all the major and minor EMA lines which is providing us bullish signal. On 4 hourly chart an uptrend line has been formed by which bulls are getting support and rising up. Our bias remains bullish on the pair as long as this uptrend line remains intact i.e. 1820$ level on closing basis. Odds are in favor of bulls. Also pair is trading in an uptrend channel and it has given us bullish breakout of the uptrend channel which means bulls will get more aggressive here. A short term uptrend line also forming which is providing us bullish signal. A daily closing above 1882$ will open the way towards the 1920$ and 1950$ in near term.
What Next:- The 1900$ level is immediate key resistance level followed by 1920$ level where as 1850$ level can be considered as key support level followed by 1824$ level.
Trade idea:- Based on chart and studies above we would suggest our traders and investors that go for buy at 1882 level for the target of 1920$ and 1940$ with stop loss of 1835$ level.