Support and Resistance
Based on the downtrend of the last few days I've extrapolated the zones to where we might see potential bullish trend.
Fibonacci
Trend went above to FIB level 0.382 today, then retraced to around 0.04231.
Elliot Wave
As of today we're seeing higher lows again. This could mean a trend reversal. If look at the previous 12345 wave going down, we could see one mirrored going up again (ABCDE).
Indicators
Both MACD and the Stochastic RSI show a divergence pointing towards an upcoming bullish trend.
Conclusion
As the S/R zones, FIB levels and elliot waves count seem to match up but only just fairly. We have a weak confirmation on the MACD and RSI's divergence saying that the next trend will be bullish.
For now I'm still scalping little by little until I'm seeing at least 2-3 green candles closing above FIB 0.382. When the uptrend is confirmed and we're clearly going above. 0.04300 this will be my mark to leave 1 long-term position until we reach the next point of resistance.
Trade safe, stay safe!
______________________________________________________________________________________________________
I'm purely a beginner in technical analysis. Let me know what you think about my analysis and hit 👍 or FOLLOW if you like my idea.
Feel free to comment or share your own analysis, I would gladly share thoughts with you.
Any of your feedback is my motivation to keep going and to learn more about Technical Analysis!
Based on the downtrend of the last few days I've extrapolated the zones to where we might see potential bullish trend.
Fibonacci
Trend went above to FIB level 0.382 today, then retraced to around 0.04231.
Elliot Wave
As of today we're seeing higher lows again. This could mean a trend reversal. If look at the previous 12345 wave going down, we could see one mirrored going up again (ABCDE).
Indicators
Both MACD and the Stochastic RSI show a divergence pointing towards an upcoming bullish trend.
Conclusion
As the S/R zones, FIB levels and elliot waves count seem to match up but only just fairly. We have a weak confirmation on the MACD and RSI's divergence saying that the next trend will be bullish.
For now I'm still scalping little by little until I'm seeing at least 2-3 green candles closing above FIB 0.382. When the uptrend is confirmed and we're clearly going above. 0.04300 this will be my mark to leave 1 long-term position until we reach the next point of resistance.
Trade safe, stay safe!
______________________________________________________________________________________________________
I'm purely a beginner in technical analysis. Let me know what you think about my analysis and hit 👍 or FOLLOW if you like my idea.
Feel free to comment or share your own analysis, I would gladly share thoughts with you.
Any of your feedback is my motivation to keep going and to learn more about Technical Analysis!