Hello everyone,
As I get use to setting up trading view, just be patient and any constructive advice is welcomed. Wow what a correction! Now it is time to check out the charts. If you want to look at my previous article on the chart, check out the profile.
What did I do:
• Drew a Fibonacci lines from March 13th, 2020 till present.
• Placed a boxed over the last period we saw activity from April 30th, 2020 to July 26th, 2020
Setting:
Idea:
As we hit a correction in all assets. It is important to check out historical significant. As people are patterns, it is important to look and see where we can expect activity. With the expectation of activity, we can then plan our bearish or bullish paths. As we move into a correction phase, I drew a box of where we last saw activity, April 30th to July 26th. It is hard for me to give a bullish review at the moment as we are testing out where the foundation is.
Kangaroo: I believe that we will starting bouncing sideways in the rectangle area, as this is relatively new support territory. I believe we will find out what the support will be soon. I think that if the levels stay above $9000, we will have a healthy support to make another jump. It would be hard for me to assess what bottom will be.
Bearish: I believe that if price takes another dramatic fall to $9000, it will be a really telling test to see how healthy it can support itself. If we see a healthy bounce, then it will scare a bearish view. But if we linger in that area, I believe we could only go under $9000.
As I get use to setting up trading view, just be patient and any constructive advice is welcomed. Wow what a correction! Now it is time to check out the charts. If you want to look at my previous article on the chart, check out the profile.
What did I do:
• Drew a Fibonacci lines from March 13th, 2020 till present.
• Placed a boxed over the last period we saw activity from April 30th, 2020 to July 26th, 2020
Setting:
Idea:
As we hit a correction in all assets. It is important to check out historical significant. As people are patterns, it is important to look and see where we can expect activity. With the expectation of activity, we can then plan our bearish or bullish paths. As we move into a correction phase, I drew a box of where we last saw activity, April 30th to July 26th. It is hard for me to give a bullish review at the moment as we are testing out where the foundation is.
Kangaroo: I believe that we will starting bouncing sideways in the rectangle area, as this is relatively new support territory. I believe we will find out what the support will be soon. I think that if the levels stay above $9000, we will have a healthy support to make another jump. It would be hard for me to assess what bottom will be.
Bearish: I believe that if price takes another dramatic fall to $9000, it will be a really telling test to see how healthy it can support itself. If we see a healthy bounce, then it will scare a bearish view. But if we linger in that area, I believe we could only go under $9000.