RLCBTC Daily S/R| .618 Fibonacci|Technical Confluence|Swing high

Evening Traders,

Today’s Analysis – RLCBTC- in strong uptrend breaking daily S/R. A retest of the level will allow for a long.

Points to consider,
- Immediate trend bullish
- Daily support confluence (.618 Fibonacci & 200MA)
- Swing high (immediate target)
- RSI above 50
- Stochastics flat
- Volume declining

RLCBTC’s trend has been establishing consecutive HH’s and HL’s giving us a bullish bias on the market.

The daily support is a key trade location with multiple technical confluences. The .618 Fibonacci and the 200 MA is likely to be respected upon a back test.

RLCBTC’s swing high is the immediate target; price action breaking this level will increase the probability of trend continuation.

The RSI is currently above 50, likely to dip with the correction, maintaining above 50- midpoint will keep the bullish bias intact.

Stochastics is currently in the lower regions, there is stored momentum to the upside that will coincide with price movement.

Volume is currently declining; this is an indication of an influx being probable at daily S/R as it is the next trade location.

Overall, in my opinion, RLCBTC is a valid long at daily S/R, risk being defined below previous low. Price action is to be used upon discretion/ management of the trade.

What are your thoughts?

Thank you for following my work!

And remember,

“All statistics have outliers. Money management, therefore, is key to the process of good trading.”
― Yvan Byeajee