On the Hourly I see Wanchain forming an ascending triangle
pattern, we have also retraced to the 0.618 gib level, the golden ration,combining this with the fact we have become oversold on the daily I believe we could see a breakout soon. using fibbonacci and support and resistance
I have mapped out some sell areas where, if we see a breakout, the trend could reverse to bearish
. This would provide investors with possible levels to sell a percentage of their position and buy back in at a lower price to increase position size.The red bars mark high confidence sell areas, and the orange box marks an area of resistance but where I could not determine a specific sell target. Again, when we reach these sell areas, we will need to zoom in and look at price action and RSI
to help determine if a retracemement will indeed occur at one of these levels or not. If this breakout fails, and we fall lower, I will not be selling but instead adding more to my position, however I do not see this as likely.