Price has fallen back after a retest of the broken trendline and
is now back at the important support & resistance level at 7900.
The ascending trendline is the 200 days simple moving average.
It's the most important of all moving averages and oftentimes
the ultimate destination for a retracement. The trendline is
ascending which reflects how price has moved looking back
of this 200 day period. It is easy to forget this in times of
persistent depreciation. However, will it hold? If not
how far will it drop?
Scenario 1: 6600 (The 78,6 Fib & Weekly S1 D-level of large ABCD)
Scenario 2: 5000 (88,6 Fib, Weekly S2 & D-level of minor ABCD)
Scenario 3: 3000 (Ultimate Support & Resistance, Weekly
Cloud support)
If 7900 holds support: Price close above 9500 on a daily basis
will be 1 st sign of relief.
1st sign of reversal, if price takes out the 11800 top.
So it's a long way to go to call this a bottom even if
price starts to move up.
is now back at the important support & resistance level at 7900.
The ascending trendline is the 200 days simple moving average.
It's the most important of all moving averages and oftentimes
the ultimate destination for a retracement. The trendline is
ascending which reflects how price has moved looking back
of this 200 day period. It is easy to forget this in times of
persistent depreciation. However, will it hold? If not
how far will it drop?
Scenario 1: 6600 (The 78,6 Fib & Weekly S1 D-level of large ABCD)
Scenario 2: 5000 (88,6 Fib, Weekly S2 & D-level of minor ABCD)
Scenario 3: 3000 (Ultimate Support & Resistance, Weekly
Cloud support)
If 7900 holds support: Price close above 9500 on a daily basis
will be 1 st sign of relief.
1st sign of reversal, if price takes out the 11800 top.
So it's a long way to go to call this a bottom even if
price starts to move up.
코멘트:
Price just hit the Monthly S1 followed by a $300 bounce. This is an important line in the sand for bigger players. It's the last resort for bulls, then we are likely looking at the lower end of the large descending channel, around 5000, which will be a bigger level than the 6600 level above that.
