Dear traders,
As I mentioned before the 0.5 fib retracement level (8246) was an important level to watch. Indeed we bounced off of it and thus forming a higher low on the 2h and 4h and very likely the daily chart as well.
However we have to keep in mind, this bull run HAS to break the previous high, which is 9200. Otherwise we will form a double top like before at 11700 and will plummet again.
So guys, watch closely the previous highs, in order words, get ready to short if we cannot break through them.
Stay safe, traders.
Best wishes from your boy Kidze.
As I mentioned before the 0.5 fib retracement level (8246) was an important level to watch. Indeed we bounced off of it and thus forming a higher low on the 2h and 4h and very likely the daily chart as well.
However we have to keep in mind, this bull run HAS to break the previous high, which is 9200. Otherwise we will form a double top like before at 11700 and will plummet again.
So guys, watch closely the previous highs, in order words, get ready to short if we cannot break through them.
Stay safe, traders.
Best wishes from your boy Kidze.
Comment:
we are now in a very right triangle, I just placed stop buy and stop sell at both ends. Big move coming soon guys.
Comment:
The breakout was unfortunately to the down side. Things are looking pretty gloomy right now. We still have one last chance, historically the SMI may have a false drop before getting to the top again, hope it happens again here as well. Our hope will deplete when the RMI moves below 50 and shows no sign of coming back in 3 or 4 hours straight.
Those who had a stop loss, good for you, let's just wait for a good entry point now, most likely when SMI and RMI in 1h go to the overbought region
Those who had a stop loss, good for you, let's just wait for a good entry point now, most likely when SMI and RMI in 1h go to the overbought region
