As we can see, the fib that I gave you in my last update is still getting respected.
We double bottomed at the .786, then when we got back into the golden pocket, the .66 acted as support giving us a 4% bounce, and yesterday when we got back into the golden pocket the .618 acted as resistance. Today, the .66 acted as resistance.
So 4 trades were offered in the past few days just by this fib retracement
Now, as you know, we have been leaning bearish for quite a while, which I will still be unless we break above the trendline and retest it as support.
The level that we are looking for is around 38k (given in a previous idea, link below) as there is a lot of confluence in this region, which makes it likely to get tested. The important levels are in the idea linked below.
Now, looking at this move, we have nice bearish divergences. As you can see, price made a higher high but OBV made a lower low, giving us strong indication of a move lower.
As always, I will updated you when needed.
Any questions?
Good luck traders
Remember not to break your rules
Habib
We double bottomed at the .786, then when we got back into the golden pocket, the .66 acted as support giving us a 4% bounce, and yesterday when we got back into the golden pocket the .618 acted as resistance. Today, the .66 acted as resistance.
So 4 trades were offered in the past few days just by this fib retracement
Now, as you know, we have been leaning bearish for quite a while, which I will still be unless we break above the trendline and retest it as support.
The level that we are looking for is around 38k (given in a previous idea, link below) as there is a lot of confluence in this region, which makes it likely to get tested. The important levels are in the idea linked below.
Now, looking at this move, we have nice bearish divergences. As you can see, price made a higher high but OBV made a lower low, giving us strong indication of a move lower.
As always, I will updated you when needed.
Any questions?
Good luck traders
Remember not to break your rules
Habib
