2Hour Chart - UTC+1
My best effort attempting to draw a trading range that if the price breaks what I think is the top of the previous range, will form a new range.
Trading range:
Bottom 24,300 Top 28,400 and Middle 25,700. At the time of writing, possible retest of the top of previous range. Having hit the weekly at 24,295 could possibly be a signal that we continue this new range, keeping in mind the daily resistance levels above.
Fibs:
A continuation from last range. Fib Channel from low on Saturday 14 Jan at 11:00, to low Mon 13 Feb at 17:00, to high Thurs 2 Feb at 01:00.
I have drawn 2 Fib retracement levels, and using them for Fib Expansion levels to determine possible support and resistance levels for price action above. I am doing this because between the range, either price went up very quickly or, went down very quickly. This has not left much for support and resistance as far as monthly, weekly, and daily horizontals are concerned. Interesting that both Fibs extend to top at Fib expansion 2 same price range and top.
* For both Fib retracement levels I'm using the expansion levels at 1.133, 1.272, 1.414, 1.618, and 2 as support/resistance levels. Indicators as new price discovery levels where there are no timely support/resistance levels. Particularly of interest where there are intersections with timely support levels, such as 1.133 and daily at 24,631.
- Fib retracemet (Extended line to the right) from high Thurs 2 Feb at 01:00 to low Monday 13 Feb at 17:00. 1.133 already proven to be a fair enough resistance and possible support. 1.272 seemingly a resistance level.
- Fib retracemet from high Thurs 16 Feb at 17:00 to low Friday 17 Feb at 01:00. 0.382 (inverse 0.618) had a good reaction to the upside. 0.618 (inverse 0.382) noticeable resistance. 0.618 a nice alignment with other fib level 1.133, may be an indicator of flipping resistance into support, and good setup for the daily at 24,631 (just an idea).
It's worth noting that Fib 1.618 in the previous run up and in the previous range, was the middle of the range for that range. I have chosen to be conservative and rather let time play out before calling it a middle in this possible new range. If this were the case, it would change the top of the range to what I think at approximately 28,600.
Assumptions:
All monthly, weekly, daily, and nPoc Horizontal rays act as support and resistance levels (* dashed lines are ends of wicks on the retrospective level). Support when price is above and resistance on price action below. Fib channel also used for indication of past and present possible support/resistance levels.
My best effort attempting to draw a trading range that if the price breaks what I think is the top of the previous range, will form a new range.
Trading range:
Bottom 24,300 Top 28,400 and Middle 25,700. At the time of writing, possible retest of the top of previous range. Having hit the weekly at 24,295 could possibly be a signal that we continue this new range, keeping in mind the daily resistance levels above.
Fibs:
A continuation from last range. Fib Channel from low on Saturday 14 Jan at 11:00, to low Mon 13 Feb at 17:00, to high Thurs 2 Feb at 01:00.
I have drawn 2 Fib retracement levels, and using them for Fib Expansion levels to determine possible support and resistance levels for price action above. I am doing this because between the range, either price went up very quickly or, went down very quickly. This has not left much for support and resistance as far as monthly, weekly, and daily horizontals are concerned. Interesting that both Fibs extend to top at Fib expansion 2 same price range and top.
* For both Fib retracement levels I'm using the expansion levels at 1.133, 1.272, 1.414, 1.618, and 2 as support/resistance levels. Indicators as new price discovery levels where there are no timely support/resistance levels. Particularly of interest where there are intersections with timely support levels, such as 1.133 and daily at 24,631.
- Fib retracemet (Extended line to the right) from high Thurs 2 Feb at 01:00 to low Monday 13 Feb at 17:00. 1.133 already proven to be a fair enough resistance and possible support. 1.272 seemingly a resistance level.
- Fib retracemet from high Thurs 16 Feb at 17:00 to low Friday 17 Feb at 01:00. 0.382 (inverse 0.618) had a good reaction to the upside. 0.618 (inverse 0.382) noticeable resistance. 0.618 a nice alignment with other fib level 1.133, may be an indicator of flipping resistance into support, and good setup for the daily at 24,631 (just an idea).
It's worth noting that Fib 1.618 in the previous run up and in the previous range, was the middle of the range for that range. I have chosen to be conservative and rather let time play out before calling it a middle in this possible new range. If this were the case, it would change the top of the range to what I think at approximately 28,600.
Assumptions:
All monthly, weekly, daily, and nPoc Horizontal rays act as support and resistance levels (* dashed lines are ends of wicks on the retrospective level). Support when price is above and resistance on price action below. Fib channel also used for indication of past and present possible support/resistance levels.