TECHNICAL ANALYSIS:
-Since the end of October 2020, the price started quickly increasing, moving with a strong uptrend.
High volatility and strong momentum confirmed the trend, reaching in less than 1 month the level at 20000.00.
-The price bounced on the resistance level at 20000.00 and failed the next attempt to break it.
-The 16th of December, a strong momentum upbar broke the resistance level and the price moved up until the level at about 24000.00, level of price where the market got a consolidation for few days, before moving up one more time reaching the level at about 28500.00.
CONCLUSION:
I aspect the price getting few more days of consolidation, before falling down as a correction of the main uptrend, going to reach the support level at about 23000.00 (Perfectly matching with the 0.61% of Fibonacci Retracement).
The price is in high volatility period, overbought and the RSI divergence during the full last month make me think about an upcoming correction and market reversal.
READ WELL: I DON'T suggest to open any short position right now, because we still don't have any sign of market reversal yet!
❤️If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!❤️
Trade Safe,
Gianni
-Since the end of October 2020, the price started quickly increasing, moving with a strong uptrend.
High volatility and strong momentum confirmed the trend, reaching in less than 1 month the level at 20000.00.
-The price bounced on the resistance level at 20000.00 and failed the next attempt to break it.
-The 16th of December, a strong momentum upbar broke the resistance level and the price moved up until the level at about 24000.00, level of price where the market got a consolidation for few days, before moving up one more time reaching the level at about 28500.00.
CONCLUSION:
I aspect the price getting few more days of consolidation, before falling down as a correction of the main uptrend, going to reach the support level at about 23000.00 (Perfectly matching with the 0.61% of Fibonacci Retracement).
The price is in high volatility period, overbought and the RSI divergence during the full last month make me think about an upcoming correction and market reversal.
READ WELL: I DON'T suggest to open any short position right now, because we still don't have any sign of market reversal yet!
❤️If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!❤️
Trade Safe,
Gianni
