Title

BCOUSD potential rally – but watch out for the intermediate resistance!

Type

Bullish Rally

Preference

We’re seeing a long-term ascending support line and a descending resistance line squeeze prices together. There is a pivot support at 83.9 which is pushing prices up against the descending resistance line.

If prices were to break that descending resistance line, we could see a bigger push up to 86.77 which is our 1st swing high resistance.

However, if prices were to react off the descending resistance and make a push down, the 1st support is at 82.64 which is a recent swing low support.

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