Currently traders are practically just sitting on their hands and letting the bots just do the small trades for now until the contraction starts to happen and volume diminishes further as price moves sideways in a consolidation phase in the no trade zone.
The 120 Period EMA has kept it's position as the point of rejection and resistance for now and could still probably be the area of rejection as it continues to meet with the price.
If price gets pushed below the light blue 21 Period EMA, the bottom target to find support will be the 50%, 61.8% and the 78.6% Fib Levels. The 61.8% Golden Ratio Fib Level is at $6818.
If price continues it's run to the upside, potential target is the Red Resistance Descending Parallel Channel up to $8062.
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Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
The 120 Period EMA has kept it's position as the point of rejection and resistance for now and could still probably be the area of rejection as it continues to meet with the price.
If price gets pushed below the light blue 21 Period EMA, the bottom target to find support will be the 50%, 61.8% and the 78.6% Fib Levels. The 61.8% Golden Ratio Fib Level is at $6818.
If price continues it's run to the upside, potential target is the Red Resistance Descending Parallel Channel up to $8062.
===============================
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
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Price Crossing & Closing Below The 21 Period EMA Could Mean
Price Heading For A Re-Test Of The Support Zone And A Triple Bottom Could Probably Even Ensue Here.
Price Heading For A Re-Test Of The Support Zone And A Triple Bottom Could Probably Even Ensue Here.
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BEARISH SCENARIO
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Price has to revert to the 61.8% Golden Ratio Fibonacci Level.
21 Period EMA Is Headed