Slowing downtrend (Keep things simple…)
The fibonacci retracement is in place in order to show the price levels that this has followed on it's way back up from the initial dump and the overall downtrend.
MACD Oscillators show that we're in the same position as the last big leg down. Stoch RSI confirms that, as well as the positioning of candles and the 50 SMA, and 10 EMA.
The 50 SMA aligns with the downward trend line at this point,
Buy volume is still light in comparison to sell volume.
I believe we could see $350 before this turns around. Anything below $340 could mean for lower 200s by the fall. If you are long I believe you should sell here and buy back after the next drop.
MACD Oscillators show that we're in the same position as the last big leg down. Stoch RSI confirms that, as well as the positioning of candles and the 50 SMA, and 10 EMA.
The 50 SMA aligns with the downward trend line at this point,
Buy volume is still light in comparison to sell volume.
I believe we could see $350 before this turns around. Anything below $340 could mean for lower 200s by the fall. If you are long I believe you should sell here and buy back after the next drop.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.