Looking at the 4hour chart we can see that a cup and handle pattern was completed with PT around 7.1
The price pushed through hit the Fibonacci extended retracement level for new ATH PT price of 7.632 (actual 7.7 new ATH)
So far this crypt is on point with the technicals.
An evening star pattern is forming now with expected retracement to 6.8-7.1 range. I expect that support to hold otherwise will be looking at the next Fibonacci and also the psychological level of 6.0
RSI is overbought as well which supports the correction
Still waiting on MACD to confirm that as well.
Will update if any changes happen.
This is only meant for short term traders, long term is still BULLISH.
The price pushed through hit the Fibonacci extended retracement level for new ATH PT price of 7.632 (actual 7.7 new ATH)
So far this crypt is on point with the technicals.
An evening star pattern is forming now with expected retracement to 6.8-7.1 range. I expect that support to hold otherwise will be looking at the next Fibonacci and also the psychological level of 6.0
RSI is overbought as well which supports the correction
Still waiting on MACD to confirm that as well.
Will update if any changes happen.
This is only meant for short term traders, long term is still BULLISH.
Note
price tested 7.05 and rebounded but the short term down trend continues toward the consolidation area in the green rectangle.Will need increased buying volume to indicate a reversal which we will monitor throughout the day.
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.
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.