Welcome to this quick TA on Faecbook
Quick look on the following indicators:
- MACD appears to be rolling over (bearish)
- ADX momentum coming in (>20), DI- crossing over (bearish)
- MA downward crossover (bearish)
We observe a large channel in formation indicating a commencement of a downtrend, with lower high printed at the big even of $200. Failing at this level, we see that an accurate pullback in accordance to a 50% Fib retracement to $160. The latest candle however seems weak bearish action given the length of the wick, regardless this may be indicative of a dead cat bounce at the expected 50% Fib range. We may see a short term recovery, but the next level target in the coming months would range around the $150 level / 200MA / 38% Fib range.
However, if we do see a clear breakout to the upside from the 100MA (in orange), price may retest the upper band of the descending channel.
Quick look on the following indicators:
- MACD appears to be rolling over (bearish)
- ADX momentum coming in (>20), DI- crossing over (bearish)
- MA downward crossover (bearish)
We observe a large channel in formation indicating a commencement of a downtrend, with lower high printed at the big even of $200. Failing at this level, we see that an accurate pullback in accordance to a 50% Fib retracement to $160. The latest candle however seems weak bearish action given the length of the wick, regardless this may be indicative of a dead cat bounce at the expected 50% Fib range. We may see a short term recovery, but the next level target in the coming months would range around the $150 level / 200MA / 38% Fib range.
However, if we do see a clear breakout to the upside from the 100MA (in orange), price may retest the upper band of the descending channel.
Not sure if orchestrated with a Libra announcement or pure technicals.... regardless, facebook probably already knew it =P