Here goes post number 3.
SNAP seems to have found support at the 48-ish area, as it bounced up higher. The fib retracements and support/resistance lines seem to match up here. On April 1, price closed at let's call it 54.50. We should have expected this because of the fib retracement and the resistance line.
Diving a bit deeper and going into lower timeframes, we see that price is consolidating at this area and buyers and sellers seem to be in balance with price staying in a 2.0-ish dollar range (between 53 and 55).
Will price go up or down? No one can predict where Mr. Market will go. However, here is what I see. On the daily timeframe MACD is looking to cross, and on the 4 hour time frame MACD has already crossed. Both of these are bullish signs. But, a downtrend began on February 24 making lower highs and lower lows, which are bearish signs. These conflict, so we must be patient and let Mr. Market tell us what he wants to do.
If price holds the area previously mentioned (53 to 55) and goes higher, price could go to 60-ish. If price breaks lower it could retest our previous support area at around 48.
SNAP seems to have found support at the 48-ish area, as it bounced up higher. The fib retracements and support/resistance lines seem to match up here. On April 1, price closed at let's call it 54.50. We should have expected this because of the fib retracement and the resistance line.
Diving a bit deeper and going into lower timeframes, we see that price is consolidating at this area and buyers and sellers seem to be in balance with price staying in a 2.0-ish dollar range (between 53 and 55).
Will price go up or down? No one can predict where Mr. Market will go. However, here is what I see. On the daily timeframe MACD is looking to cross, and on the 4 hour time frame MACD has already crossed. Both of these are bullish signs. But, a downtrend began on February 24 making lower highs and lower lows, which are bearish signs. These conflict, so we must be patient and let Mr. Market tell us what he wants to do.
If price holds the area previously mentioned (53 to 55) and goes higher, price could go to 60-ish. If price breaks lower it could retest our previous support area at around 48.