Hi everyone,
We just had a drop small drop from $3950. Now we are at the .38 fib support, 4h 200EMA support, and bottom of the ascending channel. I think we should see a bounce from here back to $3950 and possibly to the top of the bigger channel at the $4100 range. If this is the case we will have a great short opportunity at the $4100 level to the $3600s range, and then a possible break of the green channel to further downside.
Even though unlikely, keep a tight stop loss in case we break the purple channel from here.
Feel free to share your ideas and opinions in the comments sections
We just had a drop small drop from $3950. Now we are at the .38 fib support, 4h 200EMA support, and bottom of the ascending channel. I think we should see a bounce from here back to $3950 and possibly to the top of the bigger channel at the $4100 range. If this is the case we will have a great short opportunity at the $4100 level to the $3600s range, and then a possible break of the green channel to further downside.
Even though unlikely, keep a tight stop loss in case we break the purple channel from here.
Feel free to share your ideas and opinions in the comments sections
Comment:
Right on the money :)
Trade closed: stop reached
Currently its rejecting the asending channel in purple and the triangle in green. We are now at a great opportunity for a short. Stop loss at a break of 4200