The market is showing interesting turn up in here as the price tried to break below of $6.000 but managed to recover back above of it which states that the bulls are in control and they are looking to buy these dips.
The price has been ranging in between of 0.236 fibonacci level and $6.000 for several days now and hasn't been able to break either way. Short positions have been nearing to ATH as people are generally thinking that this is attractive place to short the market.
What we need to see next is a close above of 0.236 fibonacci level which is going to give a signal for possible breakout and it needs to hold above of it as well. This is likely to lead for a rally and it's important to keep in mind that this area has been tested multiple times which makes it weaker each time.
Noteworthy is which supports reversal.
Right now it's good to have patience and wait until the daily closes above of the fibonacci level.
The next is around $6.700 - $6.900 which should act as initial target for profit taking. The second is the uptrend line which it has rejected multiple times already.
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Things to Remember:
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.