SRMUSDT: Possible Long (06.12.2020)
At D1, the price broke the downtrend line and set new resistance at the 23.6% Fibonacci correction level ($ 1.34). RSI is in uncertainty, however, the overbought level can be reached in the near future.
At H4, the price corrected to the 76.4% Fibonacci correction level ($ 0.91), after which a rebound occurred. In both cases, the RSI reached oversold and overbought levels. At the moment, the price is in a local correction for the upward impulse.
We recommend buying SRM from the 38.2% Fibonacci level ($ 1.13) in order to hold the position up to $ 1.7.
At H4, the price corrected to the 76.4% Fibonacci correction level ($ 0.91), after which a rebound occurred. In both cases, the RSI reached oversold and overbought levels. At the moment, the price is in a local correction for the upward impulse.
We recommend buying SRM from the 38.2% Fibonacci level ($ 1.13) in order to hold the position up to $ 1.7.
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