Hello TA family,
It looks like the ABC correction is coming to an end.
The Price has dropped below FIB 0.78 to shake out the weak hands.
Bullish Scenario:
The indicators are suggesting bullish momentum, and we have a huge divergence on RSI (daily timeframe) and CCI (daily and weekly timeframe).
The bulls have pushed the price above EMA 21 (daily), the next step is to find support above FIB 0.78.
I'll ladder in with each confirmation(see the buy boxes).
Bearish Scenario:
If the price pulls back and drops below the recent low, with the next 2 support lines around 42 and 40, I don't expect any lower price action.
In that price area, I'll take the risk and be a buyer, knowing all time high price was 140.
It looks like the ABC correction is coming to an end.
The Price has dropped below FIB 0.78 to shake out the weak hands.
Bullish Scenario:
The indicators are suggesting bullish momentum, and we have a huge divergence on RSI (daily timeframe) and CCI (daily and weekly timeframe).
The bulls have pushed the price above EMA 21 (daily), the next step is to find support above FIB 0.78.
I'll ladder in with each confirmation(see the buy boxes).
Bearish Scenario:
If the price pulls back and drops below the recent low, with the next 2 support lines around 42 and 40, I don't expect any lower price action.
In that price area, I'll take the risk and be a buyer, knowing all time high price was 140.