Our red trend line from our previous analysis was able to hold as resistance and it pushed the price down. There is a slight chance that we could start moving upwards. However I do not think that is likely unless we break 50 EMA on daily within the next few days. I believe we can now say, with the continues volume decrease, we are moving downwards. So, if we look at the fib levels and the price movements and EMAs for support levels we could determine some entry points. The first entry is the 50 fib level where it also matches our previous resistance point which may become our new support. The second entry level is the 61 fib level where which seems to line up with 200 EMA. This is a crucial level I believe we will get close to this level and bounce without touching 200 EMA. However waiting for this point might be to greedy. It is also likely that we bounce from the first entry level so split your entries. Do not enter a position at once!! If we come back to the importance of second entry level. if we do not bounce back up from there, we are at a free fall. So be on top of your trades. Enter your stop losses before you enter a position.
As always, just a thought not an advice.
Previous analysis;
As always, just a thought not an advice.
Previous analysis;
