The market had strong bounce from 0.236 fib level and lower triangle support. It is also showing a Bullish Divergence that is supported by MACD.
Before it's able to push higher we need to see MACD crossover that would support upward movement and increase in buy volume which is almost nonexistent. The price needs to take resistance zone down with force (volume expanding) and 714 level down before it's able to continue it's bullish run. I'm watching this setup cautiously.
The price meets upper triangle resistance and this area is also very attractive for selling.
If the price gets rejected by upper triangle or resistance zone, it's likely to move to lower triangle support. Bottom of triangle has acted as resistance in the past and has turned in to support level. So this level needs to be tested first. If this area does not hold, then I'd watch for support zone formed close to MA100.
Do not hesitate to ask question, I'm more than happy to answer them!
Things to Remember
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
DISCLAIMER:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
Before it's able to push higher we need to see MACD crossover that would support upward movement and increase in buy volume which is almost nonexistent. The price needs to take resistance zone down with force (volume expanding) and 714 level down before it's able to continue it's bullish run. I'm watching this setup cautiously.
The price meets upper triangle resistance and this area is also very attractive for selling.
If the price gets rejected by upper triangle or resistance zone, it's likely to move to lower triangle support. Bottom of triangle has acted as resistance in the past and has turned in to support level. So this level needs to be tested first. If this area does not hold, then I'd watch for support zone formed close to MA100.
Do not hesitate to ask question, I'm more than happy to answer them!
Things to Remember
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
DISCLAIMER:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
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The price broke upwards.
