Very healthy correction to the 0.5 fib level, retracement for the rally from 6.5k bottom to 10.5k and now a nice sharp move upwards.
Considering the red waterfall we had all the way down, this move isn't all that to be honest.
Stochastic RSI and MACD show signs for some downward price action in the short-term before possibly continuing its bullish move upward.
Higher lows and highs on the micro move, for now.
In the chance we dip below our local support I would look to retrace back to the 8.5k range (0.5 fib level mentioned above). This could be the launchpad..
Manage risk and play smart, on the chance we dip further I'd look for 7.9k as potential downside target, our .618 golden ratio fib level. This would still be an ideal correction with regards to the recent rally.
Safe trading, cheers!
Considering the red waterfall we had all the way down, this move isn't all that to be honest.
Stochastic RSI and MACD show signs for some downward price action in the short-term before possibly continuing its bullish move upward.
Higher lows and highs on the micro move, for now.
In the chance we dip below our local support I would look to retrace back to the 8.5k range (0.5 fib level mentioned above). This could be the launchpad..
Manage risk and play smart, on the chance we dip further I'd look for 7.9k as potential downside target, our .618 golden ratio fib level. This would still be an ideal correction with regards to the recent rally.
Safe trading, cheers!
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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.