We got very nice rally and now we are retesting previous highs. We are now sitting on potential reversal zone where we can probably rally up to 462$ area which would complete bat pattern.
Currently we are at around 50% of Fibonacci retracement where we can find previous resistant and support. Also, we have a Fibonacci extension from previous move up to 1.27 which all end at the same place - Bat pattern completion at 0.786, a support line and 1.27 extension of the previous move.
I don't know is this going to happen, but we got few indicators that are saying that we have a good chance it will. We were overbought, and we now came back to retest previous structure. If we get to 462$ area we would probably see some bearish divergence, overbought condition or even double top.
The first TG should be at previous high, and if we go higher, than we have a good chance to get up to the area which I was talking about.
Currently we are at around 50% of Fibonacci retracement where we can find previous resistant and support. Also, we have a Fibonacci extension from previous move up to 1.27 which all end at the same place - Bat pattern completion at 0.786, a support line and 1.27 extension of the previous move.
I don't know is this going to happen, but we got few indicators that are saying that we have a good chance it will. We were overbought, and we now came back to retest previous structure. If we get to 462$ area we would probably see some bearish divergence, overbought condition or even double top.
The first TG should be at previous high, and if we go higher, than we have a good chance to get up to the area which I was talking about.