I drew a new Fibonacci Retracement from the recent high ($13,745) to recent low ($9,085). I was able to see it is nicely supporting
$9,085 - 0 Level was touched twice, sow this shows a very strong support
$10,182 - 0.236 Level has been breached 4 times but, every time it has been able to break upwards, showing very little support/resistance
$10,861 - 0.382 Level has showed a very strong resistance. There are 2 recent attempts to break this but, it has been brought down by the bears. Bulls are trying hard to break this level now for the 3td time.
$11,400 - 0.5 Level sees very less support or resistance.
$11,950 - 0.618 Level is another strong resistance to break.
In my opinion, if a 4 hour candle can open and close above 0.382 level then we can expect a quick upward movement towards 0.5 level. But again if bulls fails, we can see a quick drop below 0.382 level.
Also it worth noting that August is a very bear month when looking past.
I'm a newbie and appreciate your feedback Thank you.
If you like my work share your love and like
twitter @krazychirz
medium @chirath.crypto2
$9,085 - 0 Level was touched twice, sow this shows a very strong support
$10,182 - 0.236 Level has been breached 4 times but, every time it has been able to break upwards, showing very little support/resistance
$10,861 - 0.382 Level has showed a very strong resistance. There are 2 recent attempts to break this but, it has been brought down by the bears. Bulls are trying hard to break this level now for the 3td time.
$11,400 - 0.5 Level sees very less support or resistance.
$11,950 - 0.618 Level is another strong resistance to break.
In my opinion, if a 4 hour candle can open and close above 0.382 level then we can expect a quick upward movement towards 0.5 level. But again if bulls fails, we can see a quick drop below 0.382 level.
Also it worth noting that August is a very bear month when looking past.
I'm a newbie and appreciate your feedback Thank you.
If you like my work share your love and like
twitter @krazychirz
medium @chirath.crypto2
거래청산: 스탑 닿음:
Currently 0.5 level was easily broken. As suggested earlier it has very less strength in both ways to stop bulls and bears.
Now bulls are heading upwards again, next level is at 0.618. Bulls should face strong resistance here.
If bears take overagain we can expect a quick downward trend.
Now bulls are heading upwards again, next level is at 0.618. Bulls should face strong resistance here.
If bears take overagain we can expect a quick downward trend.