Good to accumulate around 17000 level for a potential upside as it is lying at trendline support.
Weekly RSI looks highly oversold and forming strong bullish divergence.
Every time weekly RSI went around 30 odd levels, it had given a strong up move. Highlighted for your reference.
Minimum upside target should be around 46000 level as it is at golden fib zone and also acted as strong key level in the past.
Other macroeconomic factors supporting my view are:
Bond yields are about to fall as the weekly candlestick is about to close as bearish pinbar at the resistance zone.
Dollar Index has already started falling and today's bearish candle is the longest since Covid crash indicating strong rejection from the resistance level (around 105.41) I have highlighted in DXY trend analysis earlier.
Do your own due diligence before taking any action.
Peace ✌️
❮
❯
