Market Update
So we have reached our predicted top close to $9600, and now there are many signs starting to appear on the indicators for the correction we have already foreseen and alerted about, but with the help of the indicators we can find our perfect support/buy area before the next launch.
The chart is definitely more tricky now, but with our combine forces we should be able to get the most accurate picture once again, RSI is showing us a bearish divergence that appeared today, we got an impulse fired by the MACD downwards, our latest reported support at $9160, which we assumed previously to hold, will most likely fail with all this new data that have arrived.
The X we mention in the chart below indicate the best possible timeframe the support should be hit, and gives us more data if missed about the next most possible movement, we marked it down for you to see as well.
We wrote down the support target areas on the chart.
This scenario which shown in this chart below represents our lowest possible support before the bullish continuation, we got a H&S pattern that could be formed here, with the golden pocket(0.618fib) to strengthen this as support.
We also have a trend line in that same area.
Although it feels impossible to reach that low, everything is possible and we should take this into account as well, whole trend reversal could only be possible if this lowest and crucial support fails, which is very unlikely.
With that said, we believe the support areas we mentioned previously at $8700/$8300 should hold, but we are making sure you won't become fearful in case it doesn't, and become aware of this possibility.
So we have reached our predicted top close to $9600, and now there are many signs starting to appear on the indicators for the correction we have already foreseen and alerted about, but with the help of the indicators we can find our perfect support/buy area before the next launch.
The chart is definitely more tricky now, but with our combine forces we should be able to get the most accurate picture once again, RSI is showing us a bearish divergence that appeared today, we got an impulse fired by the MACD downwards, our latest reported support at $9160, which we assumed previously to hold, will most likely fail with all this new data that have arrived.
The X we mention in the chart below indicate the best possible timeframe the support should be hit, and gives us more data if missed about the next most possible movement, we marked it down for you to see as well.
We wrote down the support target areas on the chart.
This scenario which shown in this chart below represents our lowest possible support before the bullish continuation, we got a H&S pattern that could be formed here, with the golden pocket(0.618fib) to strengthen this as support.
We also have a trend line in that same area.
Although it feels impossible to reach that low, everything is possible and we should take this into account as well, whole trend reversal could only be possible if this lowest and crucial support fails, which is very unlikely.
With that said, we believe the support areas we mentioned previously at $8700/$8300 should hold, but we are making sure you won't become fearful in case it doesn't, and become aware of this possibility.