A better understanding of the Reed story?
Decided to have a look at price using Fibonacci channels.
The 4hr time frame here shows a relatively clear picture of price moving in relation to the channels.
I feel that the Fib channels better depict areas of resistance than the green box I had drawn on previous charts (and are more useful).
This analysis would suggest a price of 0.042 will be the next major point of resistance to be tested. Following that price will hopefully move up to 0.048, before back-testing support at 0.044.
If these happen successfully, a pattern akin to that of the 'Elliot Wave' beginning on Feb 28th could form.
As always keep an eye on the volume.
Declaration - I'm definitely nothing more than an amateur with either Fib, and Elliot Waves! Please feel free to comment and educate if you see problems.
The 4hr time frame here shows a relatively clear picture of price moving in relation to the channels.
I feel that the Fib channels better depict areas of resistance than the green box I had drawn on previous charts (and are more useful).
This analysis would suggest a price of 0.042 will be the next major point of resistance to be tested. Following that price will hopefully move up to 0.048, before back-testing support at 0.044.
If these happen successfully, a pattern akin to that of the 'Elliot Wave' beginning on Feb 28th could form.
As always keep an eye on the volume.
Declaration - I'm definitely nothing more than an amateur with either Fib, and Elliot Waves! Please feel free to comment and educate if you see problems.
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.