After this heavy longs liquidation, here is what I expect in term of price action based on simple fib retracement and resistances:
>Scenario 1:
Retracement and rejection to the 23.6 fib ($3992). Then potential moves between the 38.2 ($3868) and 50 ($3768) to finally brake down to the 61.8 ($3668).
>Scenario 2:
Retracement and rejection to the 38.2 fib ($3868). Then potential moves between the 50 ($3768) and 61.8 ($3668) to finally brake down to the 78.6 ($3525)
INDICATORS
1. RSI: will encounter resistance at the 55 level
2. VI: about to cross after a max sell opportunity which indicates further down movements
3. StochRSI: on its way down
>>>Always Mind Your Trades and make sure to make your own analysis before investing your hard earned money. I am not a financial advisor and this represents only my own ideas on the market.
>Scenario 1:
Retracement and rejection to the 23.6 fib ($3992). Then potential moves between the 38.2 ($3868) and 50 ($3768) to finally brake down to the 61.8 ($3668).
>Scenario 2:
Retracement and rejection to the 38.2 fib ($3868). Then potential moves between the 50 ($3768) and 61.8 ($3668) to finally brake down to the 78.6 ($3525)
INDICATORS
1. RSI: will encounter resistance at the 55 level
2. VI: about to cross after a max sell opportunity which indicates further down movements
3. StochRSI: on its way down
>>>Always Mind Your Trades and make sure to make your own analysis before investing your hard earned money. I am not a financial advisor and this represents only my own ideas on the market.
Trade active:
Both initial sell target of 38.2fib and accumulating target of the 61.8 were reach. Sold back position of the 61.8 on the way back up.
Waiting for further down movements.
Waiting for further down movements.