XYOUSD Strong rally but need to break this level for long-termXY ORACLE (XYOUSD) has been having a tremendous +260% four-day rally that hit yesterday the 1W MA50 (red trend-line) as well as the 0.382 Fibonacci retracement level (from the November 06 2021 High) at 0.01050. This rally successfully broke that 1 year Channel Down (blue) but stopped at the top of the diverging Channel Down (dotted lines).
So far the 1W MA50/ 0.382 Fib Resistance cluster is holding and rejected the price. As long as it does, we expect a pull-back to the 1D MA200 (orange trend-line) and if that fails too, the 1D MA50 (blue trend-line). Notice that the 1D RSI is overbought, above the 80.000 level that was also on the November 05 2021 and July 28 2022 Highs. If the drop is less aggressive than they rise and the two (MA50/MA200) form a Golden Cross, we expect a rebound shortly and break above the 1W MA50.
If the price breaks above the 1W MA50 before that, then that's a bullish break-out on the long-term and we can start targeting the upper Fibonacci levels, which as you see on the chart, are almost perfectly aligned with the previous Lower Highs: 0.5 Fib on the July 28 High, 0.618 Fib on the April 04 High and 0.786 Fib on the December 20 2021 High.
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