Hey traders, I will go on the assumption that the swing low was at around 8300. Now just to be clear on this, I'm already long here. Even if price retests 8300 at some point and time. This local downtrend WILL retrace, I don't think we head straight to 8k from here. I'm eyeing 9200 as a good retrace spot for a short back down to 8k region.
We have Stoch RSI pegging super low at this point and frankly I don't think there is too much lower to go before we get a retrace of the downward move sooner than later.
I like a retrace move to 9200 as it has pretty heavy resistance. I do expect a check back down to support before liftoff to fully retrace downward move from 14k to 7200. It is starting to come together, and we should see movement on price soon. We have been in consolidation for a long time now, so my expectation is that the move to retrace at 9200 comes at any point now.
This IS a good accumulation zone, otherwise right around 8100 to 8k will be as well, but at a later time.
Long to 9200, take profit.
Short to 8100, take profit(just to be sure we don't have a quick bounce there, although we may go down to 8k).
Long to 11300, take profit.
Short from 11300 - I like the prospect of possibly 9200-9500 being take profit from here, but I will need to refib once we have confirmation of higher high and lower low from here.
We have Stoch RSI pegging super low at this point and frankly I don't think there is too much lower to go before we get a retrace of the downward move sooner than later.
I like a retrace move to 9200 as it has pretty heavy resistance. I do expect a check back down to support before liftoff to fully retrace downward move from 14k to 7200. It is starting to come together, and we should see movement on price soon. We have been in consolidation for a long time now, so my expectation is that the move to retrace at 9200 comes at any point now.
This IS a good accumulation zone, otherwise right around 8100 to 8k will be as well, but at a later time.
Long to 9200, take profit.
Short to 8100, take profit(just to be sure we don't have a quick bounce there, although we may go down to 8k).
Long to 11300, take profit.
Short from 11300 - I like the prospect of possibly 9200-9500 being take profit from here, but I will need to refib once we have confirmation of higher high and lower low from here.