ACB had a huge increase in price together with a huge volume which is perfect setup for the trade.
With the decrease volume after the peak has reached, it followed and retested 2 support lines it has created during the run. It is very interesting that the supports follow exactly FIB at 0.3 and 0.5 and make a retest for 0.2 level.
By the movement of RSI going down after it almost hit overbought, there will be a bounce back to retest 0.3 and 0.5 FIB. I expect the 0.3 support to fail and retest 0.5 for a better entry.
This trade can be activated by 3 conditions
1. Price retest .5 and hold the price
2. Hammer candle confirm for the up trend
3. RSI hit almost or near RSI 30 and make a little bounce back.
With the decrease volume after the peak has reached, it followed and retested 2 support lines it has created during the run. It is very interesting that the supports follow exactly FIB at 0.3 and 0.5 and make a retest for 0.2 level.
By the movement of RSI going down after it almost hit overbought, there will be a bounce back to retest 0.3 and 0.5 FIB. I expect the 0.3 support to fail and retest 0.5 for a better entry.
This trade can be activated by 3 conditions
1. Price retest .5 and hold the price
2. Hammer candle confirm for the up trend
3. RSI hit almost or near RSI 30 and make a little bounce back.
Comment:
bounce back at 0.2 FIB just happened