As mentioned in previous post, 7.3k to 6.7k was the liquidity pool which meant that break of 7.2k would send us immediately to 6.8-6.6k.
This last line of defence for the short term would be 6.7k for the following reasons.
- 0.38/0.61 fib ret. levels
- sell off cooled down/retrace time(upwards)
- liquidity used up for shorters (at 6.7k that is)/trend pauses & reverses
- RSI over extended/elastic effect should occur soon.
Note: The recent 7.1k was reached to create more liquidity to drop to 6.7k. Historically passing 0.5 fib on HTF means the next fib level will be surely tested.
Note: No specified targets until 6.7k is breached.
SL is a necessity
@AresTrade
This last line of defence for the short term would be 6.7k for the following reasons.
- 0.38/0.61 fib ret. levels
- sell off cooled down/retrace time(upwards)
- liquidity used up for shorters (at 6.7k that is)/trend pauses & reverses
- RSI over extended/elastic effect should occur soon.
Note: The recent 7.1k was reached to create more liquidity to drop to 6.7k. Historically passing 0.5 fib on HTF means the next fib level will be surely tested.
Note: No specified targets until 6.7k is breached.
SL is a necessity
@AresTrade