In a perfect world the green box would be a solid point of entry between the range of 0.64 to 0.76 cents because of the following reasons:
If this uptrend holds true and there is a continuation upward, then a good entry point based on the fib retracement would be around the 0.236 line which happen to be sitting by the 50 EMA (0.75 cents). However, if this breaks and we are going further down, then the weekly fib channel suggests something else "
1- The retracement to the structure retracement would be within the bottom of the channel this coin is trading in which collides with the 100 EMA.
2- The weekly fib channel patterns retracement of 0.236 suggests an entry point in low 0.60s price range.
The next major target on the weekly would be at the 0.618 fib channel line which translates to $2.66. Both the fib retracement and weekly fib channel agree on the 1st major target to be at the previously discussed range.
Not a financial advice. I am Simply sharing ideas and I could be correct or wrong. If the bitcoin ETF is approved, then trading on news cancels TA since everyone FOMO into their favorite coin.
If this uptrend holds true and there is a continuation upward, then a good entry point based on the fib retracement would be around the 0.236 line which happen to be sitting by the 50 EMA (0.75 cents). However, if this breaks and we are going further down, then the weekly fib channel suggests something else "
1- The retracement to the structure retracement would be within the bottom of the channel this coin is trading in which collides with the 100 EMA.
2- The weekly fib channel patterns retracement of 0.236 suggests an entry point in low 0.60s price range.
The next major target on the weekly would be at the 0.618 fib channel line which translates to $2.66. Both the fib retracement and weekly fib channel agree on the 1st major target to be at the previously discussed range.
Not a financial advice. I am Simply sharing ideas and I could be correct or wrong. If the bitcoin ETF is approved, then trading on news cancels TA since everyone FOMO into their favorite coin.
Trade closed: target reached:
This entry was correct to the cent. It touched the 0.236 level shown on the box and bounced right back up.