I expected a retrace to about .38 (by coincidence fib retrace and price), but I expected it to take a little bit longer. In any case this is about a perfect scenario to buy back in as everything is setting up for a reversal and it shouldn't be long before it starts heading back up toward .48 and beyond. Look for a strong weekend and keep your eye on the volume and the RSI on the hourly and the 4 hour candles while watching out for pullbacks once it starts to move. Good luck; you know this whole crypto-space has a mind of it's own so careful does it. I would set my initial stop loss at .36 because if it moves below 0.236 (the red zone) on the fib retracement tool that would indicate a continuation of the downward fall.
The Macd is now at a buy level (bull cross), the RSI is neutral and we are above the Fibonacci pivot point of 0.36062; and, this level is apparently being respected leaving me to believe this is the current bottom. The next Fibonacci pivot point is 0.38891. Watch and see how it responds because after that we don't see another one until 0.43469.
Also BTC has apparently been respecting it's current levels as well and is in a seeming in it's current bottom - these may be bullish signs, so stay tuned, the weekend has only just begun!
Having stated the above again I want to remind you that a good stop loss is still .36 because of the Fib levels and the red zone....I know your SL may have already been hit, but that's to protect you from another plunge - that's trading! Keep your eyes peeled for another good entry.
This is not financial advice, it's just my own strategy played out in words....good luck.
Also BTC has apparently been respecting it's current levels as well and is in a seeming in it's current bottom - these may be bullish signs, so stay tuned, the weekend has only just begun!
Having stated the above again I want to remind you that a good stop loss is still .36 because of the Fib levels and the red zone....I know your SL may have already been hit, but that's to protect you from another plunge - that's trading! Keep your eyes peeled for another good entry.
This is not financial advice, it's just my own strategy played out in words....good luck.