The EMISS contract went above the upper limit of the descending channel (yellow dashed lines) at the end of last year. From a technical point of view (D1 interval), this is a sign of a potential trend reversal towards an upward movement or of an even further rebound.
Currently, the key level seems to be the green zone around $70.20, which comes from previous local peaks on November 25th and December 11th. According to classic technical analysis principles, as long as the price remains above this level, the bullish sentiment is valid. If this assumptions hold, the price could move towards resistance at $77.85, or even $86.70, where the equality of the A wave to the potential, currently forming C wave is observed.
On the other hand, if the price drops below the mentioned green zone, the next support to consider would be the level of $68.70, where the lower boundary of the local 1:1 geometry and the EMA 100 average are located. A drop below $68.70 would lead to a shift in sentiment towards bearish and negate the bullish scenario.
Source: xStation5
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