Read analysis first (Dependent on price action for long/sell)
- To start off, I placed fib retracement first. You cant see them now as they are removed (for clarity) but I placed a rectangular box to pinpoint key levels such as 50% or 38.2% (closer to the current price).
- The fib 50% is a critical level that can pinpoint reversal in a retracement, there was a 50% fib level rejection which you can see from the third purple/indigo brush circle that I created. this not only shows hard support level but it also means it would have to take SO much sellers to pass that level. It is now currently retesting the strength of that 50% fib level and for that support level.
\_ > (A PRICE CLOSE BELOW THIS LEVEL MEANS PRICE WILL CONTINUE TO 1711 !!!!!!!!)
- A strong diagonal support line has been formed which you can see on the trendline I placed. A break below this line would need further backup to confirm the break such as the confluence of the RSI level, the fib % levels, the price action (long wicks or full body?) and are you sure it broken past or is it just a retest?
- This diagonal support line is showing signs of a bullish trend which means that the current pullback is only a retracement on the trend (opinion) but if it shows signs of a clear reject of that support line and pushes up then its bound to reach 1760.
\_ > (A PRICE CLOSE ABOVE 1762 MEANS PRICE WILL CONTINUE TO 1780 !!!!!!!)
- The fib 50% is a critical level that can pinpoint reversal in a retracement, there was a 50% fib level rejection which you can see from the third purple/indigo brush circle that I created. this not only shows hard support level but it also means it would have to take SO much sellers to pass that level. It is now currently retesting the strength of that 50% fib level and for that support level.
\_ > (A PRICE CLOSE BELOW THIS LEVEL MEANS PRICE WILL CONTINUE TO 1711 !!!!!!!!)
- A strong diagonal support line has been formed which you can see on the trendline I placed. A break below this line would need further backup to confirm the break such as the confluence of the RSI level, the fib % levels, the price action (long wicks or full body?) and are you sure it broken past or is it just a retest?
- This diagonal support line is showing signs of a bullish trend which means that the current pullback is only a retracement on the trend (opinion) but if it shows signs of a clear reject of that support line and pushes up then its bound to reach 1760.
\_ > (A PRICE CLOSE ABOVE 1762 MEANS PRICE WILL CONTINUE TO 1780 !!!!!!!)