RSI (21) reacted below 53% resistance level and has entered bearish territory below 50% level.
RSI (21) 53% resistance level is also where price has reacted many times in the past, as seen by the yellow arrows.
Buying area finds confluence with fibo retracement and strong supply and demand level.
Just an educational post to show how a confluence of technical elements can give a good trade with much higher probability. Also, because there is no good risk reward to this, I'm posting this as an educational material.
Comment
⋅
As expected, price dropped towards the buying area as expected. I would wait for a bounce reaction in this zone and enter my LONG position.
Comment
⋅
Bullish divergence also noted now.
Trade closed: target reached
⋅
Cleaning up my charts and trading ideas. This target was reached awhile back.