What an interesting day it has been today! Bulls have been unable to give us some green and next 4hr candle might be very relevant, if you pay a close look to this analysis.
RSI is at its lowest since the 30th of March, so we might expect some buy action in this 4hr candle, since it is extremely oversold.
If that does happen, we may see it try to test the 0.382 fib, but if buyers keep showing this weakness and we don't stay above it, price will most likely go down to the .5, since support at 8.3k isn't that strong. Even though there will be a price action near the .5 fib, I expect most of it to be focused around the orange box area, since it's an incredibly high area of supply/demand, specially the bottom of it.
The yellow circles and price box I've drawn are an interesting possibility/idea that might happen if the bulls aren't able to take us to the .382 and keep showing weakness: we might see a similar scenario to the 30th of March to 1st of April, so be ready to take a position, bois.
This is my first TA, so I'd be glad to hear your guys' feedback on it.
RSI is at its lowest since the 30th of March, so we might expect some buy action in this 4hr candle, since it is extremely oversold.
If that does happen, we may see it try to test the 0.382 fib, but if buyers keep showing this weakness and we don't stay above it, price will most likely go down to the .5, since support at 8.3k isn't that strong. Even though there will be a price action near the .5 fib, I expect most of it to be focused around the orange box area, since it's an incredibly high area of supply/demand, specially the bottom of it.
The yellow circles and price box I've drawn are an interesting possibility/idea that might happen if the bulls aren't able to take us to the .382 and keep showing weakness: we might see a similar scenario to the 30th of March to 1st of April, so be ready to take a position, bois.
This is my first TA, so I'd be glad to hear your guys' feedback on it.
Comment:
So, as you can see, bulls were pretty weak for the session and we got to the .5 fib. I'd expect a bounce from this level, and depending on the strength of it, decide on what to do.
Comment:
Bounce happened (pretty weak) and the two price swings in yellow circles are looking rather similar. Expect another retracement to the 8100-7800 level!
