Update from previous idea:
We moved to the upside! bullish momentum is nice to finally see. still getting rejected from the 0.618, we NEED to see a break and test of this level before we are truly bullish on the longer term timeframes.
I also think we are in this falling wedge maybe even a bull flag depends how long we sit in this formation for. if we are in a bullfrog the breakout target is finally at our teal line which I have been waiting for a test of for a good while now.
this makes sense for us to be playing out, need to look for several factors so if we come down and hit support on the yellow line it could be the 0.5 fib on my lower timeframe, maybe even the 0.414 which is still bullish to me and a long position at that point is definitely worth the risk.
a break down will result in a test of the thick white line (hopefully not) we will run into a lot of support again at these levels not the end of the world but just watch for a break out/ down of this level.
best case - break the bull flag hit teal line
worst case - break down and touch the thick white line again possibly lower.
We moved to the upside! bullish momentum is nice to finally see. still getting rejected from the 0.618, we NEED to see a break and test of this level before we are truly bullish on the longer term timeframes.
I also think we are in this falling wedge maybe even a bull flag depends how long we sit in this formation for. if we are in a bullfrog the breakout target is finally at our teal line which I have been waiting for a test of for a good while now.
this makes sense for us to be playing out, need to look for several factors so if we come down and hit support on the yellow line it could be the 0.5 fib on my lower timeframe, maybe even the 0.414 which is still bullish to me and a long position at that point is definitely worth the risk.
a break down will result in a test of the thick white line (hopefully not) we will run into a lot of support again at these levels not the end of the world but just watch for a break out/ down of this level.
best case - break the bull flag hit teal line
worst case - break down and touch the thick white line again possibly lower.
