I started buying in parts and will be adding if it goes down.
It might bounce of fibonnacci 0.618 level as it is usually leaning towards higher probability for corrective wave to reach this level and reverse.
I would buy in three parts 0.038, 0.037 and 0.036
Stop loss 0.0345
Basic elliot wave count in the chart.
It is a short term trade hence the time frame.
On 5 to 15min time frames if reached critical levels will be much oversold according to RSI.
Selling power seems to be dimishing as well.
Significant level of support is around 0.037 which if broken, denies the idea IMO.
It also looks like it is forming a falling wedge on a short time frame, which is more bullish than otherwise.
Opinions?
It might bounce of fibonnacci 0.618 level as it is usually leaning towards higher probability for corrective wave to reach this level and reverse.
I would buy in three parts 0.038, 0.037 and 0.036
Stop loss 0.0345
Basic elliot wave count in the chart.
It is a short term trade hence the time frame.
On 5 to 15min time frames if reached critical levels will be much oversold according to RSI.
Selling power seems to be dimishing as well.
Significant level of support is around 0.037 which if broken, denies the idea IMO.
It also looks like it is forming a falling wedge on a short time frame, which is more bullish than otherwise.
Opinions?