There is a tight channel forming at around 175 USD, with a channel going from that 172 potentially up to 182.
In the short term, up to the 23 October, I expect a small price increase to go up to the 174 level.
In the medium term we need to wait and see if there is a breakout on the 23 or 24 October.
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There is strong resistance at the 300 level, with a channel going from that 300 level down to 218.
In the short term, up to the 4th July, I expect a small price increase to go back up to the 270 level.
In the medium term I see continued downward pressure for the next two weeks, with prices going as low as 218.
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There is strong resistance at the 4406 level. I expect prices to be very flat until the 29th August.
On the 29th August we will see the formation of a triangle which will determine the direction of any potential breakout, or trace back.
I suspect we will be going lower, and the price will decrease to the 4000 zone.
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There is strong resistance at the 2220 level and an upper channel of 2530. I expect prices to bounce between these channels until the 10th July 2017.
The 5th July will determine the direction of any potential breakout, and future trading channel.
I suspect we will see a lower high of 2400, and the price will further decrease from there into the 2200 range.
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