With this coin falling below the Bollinger midline and below 7500 support, there is some fear. I will go with the old ''bottoms have to be tested and retested" scenario on this.
6800 Jumps out as a critical level; not only it stands for horizontal resistance, it also stands for the last Fibonacci retracement level that is permitted in a correction (61.8%). Thus, a strong candidate for a higher low.
As always, exact levels are not guaranteed; Watch the ''close'' behaviour at this level (0.00 EET). Has the market been below and closes above? Support is still valid.
In short, 6800 is a higher low candidate, but watch closings. Below 6800 6350 is a better support candidate. First better resistance around 7500.
6800 Jumps out as a critical level; not only it stands for horizontal resistance, it also stands for the last Fibonacci retracement level that is permitted in a correction (61.8%). Thus, a strong candidate for a higher low.
As always, exact levels are not guaranteed; Watch the ''close'' behaviour at this level (0.00 EET). Has the market been below and closes above? Support is still valid.
In short, 6800 is a higher low candidate, but watch closings. Below 6800 6350 is a better support candidate. First better resistance around 7500.