✴️ eCash Update After The Breakout, What Now?
Here we have XECUSD, eCash, and I just want to share my opinion as to what I think will happen next.
It is easy to find a bottom/low/support;
It is easy to wait for a reversal but once the action is ongoing it is hard to know what happens next... So, what now?
The low happened 9-June, after a small recovery, rejection at EMA100 then a one day candle pushing prices high up above EMA300.
After such a move, we can expect a correction that's for sure.
EMA100 (blue line) is where the initial rejection happened so this level can be tested as support before the resumption of the bullish move, this matches 0.5 Fib. retracement, this is one way to look at it.
Another way to look at this is through the volume profile.
The volume was huge for the breakup but low on the correction, I had to use other charts for the volume because there is none here. You can confirm this by looking at other charts or take my word for it.
Now, how far down before going up again?
That's the hard part and let me tell you something... I don't know and I don't care.
It is likely to resume growing either right away after the 0.382 Fib. retracement support is tested or the 0.5 Fib. mentioned above.
If things get ugly, the 0.618 level is also there but the bottom line is this, the bigger picture is up!
Namaste.
It is easy to find a bottom/low/support;
It is easy to wait for a reversal but once the action is ongoing it is hard to know what happens next... So, what now?
The low happened 9-June, after a small recovery, rejection at EMA100 then a one day candle pushing prices high up above EMA300.
After such a move, we can expect a correction that's for sure.
EMA100 (blue line) is where the initial rejection happened so this level can be tested as support before the resumption of the bullish move, this matches 0.5 Fib. retracement, this is one way to look at it.
Another way to look at this is through the volume profile.
The volume was huge for the breakup but low on the correction, I had to use other charts for the volume because there is none here. You can confirm this by looking at other charts or take my word for it.
Now, how far down before going up again?
That's the hard part and let me tell you something... I don't know and I don't care.
It is likely to resume growing either right away after the 0.382 Fib. retracement support is tested or the 0.5 Fib. mentioned above.
If things get ugly, the 0.618 level is also there but the bottom line is this, the bigger picture is up!
Namaste.
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