Will Theta Fuel (TFUEL) Bounce?
Updated
Here is a chart setup that I don't usually share/trade... Looking to catch the 'bounce'.
Theta Fuel (TFUELBTC) printed a strong correction that lost momentum on the way down and stopped at EMA50, which is also just below the 0.786 Fib. retracement support for the last strong wave.
This is an important support level so a bounce here can take place.
The risk here is much higher than buying the low because sometimes prices can continue straight down rather than bouncing back up.
Even if prices bounce, we expect more correction followed by consolidation before the next strong bullish jump.
So, after the green arrow (if it happens), we still expect another drop.
Namaste.
Theta Fuel (TFUELBTC) printed a strong correction that lost momentum on the way down and stopped at EMA50, which is also just below the 0.786 Fib. retracement support for the last strong wave.
This is an important support level so a bounce here can take place.
The risk here is much higher than buying the low because sometimes prices can continue straight down rather than bouncing back up.
Even if prices bounce, we expect more correction followed by consolidation before the next strong bullish jump.
So, after the green arrow (if it happens), we still expect another drop.
Namaste.
Note
Theta Fuel | TFUELBTCENTRY: 0.00000067 - 0.00000072
TP1: 0.00000079 |Hit
TP2: 0.00000087 |Hit
TP3: 0.00000105 |Hit
TP4: 0.00000115 |Next target.
TP5: 0.00000128
STOP: Close daily (D) candle below 0.00000061.
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