I hope this is the final leg down, and after this the bull market will come back.
Today we had yet another dump, and I've cleaned up my graph and tried to make something out those Fibonacci's.
0.382(7.1USD) was resistance two times.
0.618(6.3USD) was resistance two times.
0.786(5.8USD) was support two times.
Once 0.786 was broken through with ease, 1(5.1USD) was support once, 0.786 became resistance, then it dumped hard.
May 19th to 24th (today)
0.236(4.4USD) was resistance two times.
Price floated around 0.618(3.4USD) with 0.5(3.7USD) being resistance.
0.786(2.9USD) was support two times.
Today at 12:30 we fell right through 0.786, to retest 1(2.4USD) as support. It held, once.
My last expectation:
0.786(2.9USD) will be retested tonight. If it continues to be resistance, we'll retest 1(2.4USD) and I hope we fall right through it (like on May 19th), in order to be saved by 0.236 of the next period (1.9USD).
Otherwise, if we come over 0.786, I might be really tempted to buy back once we're in the clear over 0.618. I see already that my previous idea linked here (If we remain under 3.32...) is somewhat being attacked, because we dumped through 2.89 but we are currently back up a bit.
Short in the short term, long in the long term.
Note: a much better view would be obtained by looking at BTC or ETH, not XTZ. But I look at this becaus this is what really interests me.
This is not financial advice, I'm just a noob that discovered Fibonacci's.
Opinions?
Today we had yet another dump, and I've cleaned up my graph and tried to make something out those Fibonacci's.
0.382(7.1USD) was resistance two times.
0.618(6.3USD) was resistance two times.
0.786(5.8USD) was support two times.
Once 0.786 was broken through with ease, 1(5.1USD) was support once, 0.786 became resistance, then it dumped hard.
May 19th to 24th (today)
0.236(4.4USD) was resistance two times.
Price floated around 0.618(3.4USD) with 0.5(3.7USD) being resistance.
0.786(2.9USD) was support two times.
Today at 12:30 we fell right through 0.786, to retest 1(2.4USD) as support. It held, once.
My last expectation:
0.786(2.9USD) will be retested tonight. If it continues to be resistance, we'll retest 1(2.4USD) and I hope we fall right through it (like on May 19th), in order to be saved by 0.236 of the next period (1.9USD).
Otherwise, if we come over 0.786, I might be really tempted to buy back once we're in the clear over 0.618. I see already that my previous idea linked here (If we remain under 3.32...) is somewhat being attacked, because we dumped through 2.89 but we are currently back up a bit.
Short in the short term, long in the long term.
Note: a much better view would be obtained by looking at BTC or ETH, not XTZ. But I look at this becaus this is what really interests me.
This is not financial advice, I'm just a noob that discovered Fibonacci's.
Opinions?
We'll have to see whether the rebound to 4USD was just a rebound and we're still in the bear market, or this dip today is just a dip before another bull run.
Always listen to those more experienced: I should have DCA'd instead of timing the market. DON'T MAKE THE SAME MISTAKE!