Hi All,
The chart does demonstrate some confluences around fib levels, channels, moving averages and previous supports.
No-one can claim and I'm not either, that we will find support or reversal with clarity. We can only put the scenarios foreword and look for bullish bounces and take it from there.
My 3 scenarios are based on trend lines, fib levels and MA along with volume profiles.
a) find support on the green zone, where the previous wicks found many buyers
b) the monthly CPR (tool) has confluence with the 0.5 fib level and 200 ema on the 8 hrly and the bottom of the channel 28400 to 29600
c) the 0.618 fib level along with previous resistance level for the month.
For now, I'm just shorting and see how any of these 3 levels makes sense when the price or if the price gets there.
24K is the lowest I see it going but I think 25K would be an excellent level to jump in 100%.
All the best,
S.SAri
The chart does demonstrate some confluences around fib levels, channels, moving averages and previous supports.
No-one can claim and I'm not either, that we will find support or reversal with clarity. We can only put the scenarios foreword and look for bullish bounces and take it from there.
My 3 scenarios are based on trend lines, fib levels and MA along with volume profiles.
a) find support on the green zone, where the previous wicks found many buyers
b) the monthly CPR (tool) has confluence with the 0.5 fib level and 200 ema on the 8 hrly and the bottom of the channel 28400 to 29600
c) the 0.618 fib level along with previous resistance level for the month.
For now, I'm just shorting and see how any of these 3 levels makes sense when the price or if the price gets there.
24K is the lowest I see it going but I think 25K would be an excellent level to jump in 100%.
All the best,
S.SAri
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The buyers have shown themselves at these 2 points circled...can they do it again on the 3rd? interesting that it has confluence with the monthly CPR level.
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confluence with mini H and S for the target.
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