We are stopping the fall at: 1. The opening price of December 6th, 2018,
2. The high of January 18th and 30th,
3. The opening prices of January 29th and 31st.
All together they are ar support zone which is existing since the beginning of October 2018 already. Between 4th and 6th December it has been confirmed with a window. Here we are now.
The zone has been crossed to both sides and may have finally exceeded on February 1st. So the current fall may be seen as a backtest of this zone.
It is not a classic support, bot the fluctuation around this level for more than half a year makes it important. Market has been in balance here. That's why I expect this level to hold and the price to rise again.
2. The high of January 18th and 30th,
3. The opening prices of January 29th and 31st.
All together they are ar support zone which is existing since the beginning of October 2018 already. Between 4th and 6th December it has been confirmed with a window. Here we are now.
The zone has been crossed to both sides and may have finally exceeded on February 1st. So the current fall may be seen as a backtest of this zone.
It is not a classic support, bot the fluctuation around this level for more than half a year makes it important. Market has been in balance here. That's why I expect this level to hold and the price to rise again.
Trade closed: stop reached