$NERO Flirting with Fibonacci Extensions - Take Profit Now
We can see that $DERO has been on one hell of a bull run, but is showing signs of losing strength. On the daily, $DERO has been making higher highs and higher lows, but the recent highs are moderately higher showing a loss of momentum.
We can see the top side of rising wedge, in confluence with the 2.618 Fibonacci extension, are acting as resistance. This is a great area to take some profit and to wait for a pullback to buy cheaper. The 1.618 Fibonacci looks like it would be a strong support area and likely front run if tested again.
Looking at RSI, we can see a potential 4 drives of bearish divergence. This shows us that the bears are gaining strength.
If $DERO breaks to the upside, then there is very strong resistance around the 3.618 Fibonacci extension around $33.00. The Fibonacci extensions are typically front run on 1st pass, so taking profit a little lower would be prudent.
I am bullish on $DERO as long as it is closing daily candles above the last prior daily low at $17.50. Any pullback to $16.00 - $17.50 would be a nice place for accumulation.
We can see the top side of rising wedge, in confluence with the 2.618 Fibonacci extension, are acting as resistance. This is a great area to take some profit and to wait for a pullback to buy cheaper. The 1.618 Fibonacci looks like it would be a strong support area and likely front run if tested again.
Looking at RSI, we can see a potential 4 drives of bearish divergence. This shows us that the bears are gaining strength.
If $DERO breaks to the upside, then there is very strong resistance around the 3.618 Fibonacci extension around $33.00. The Fibonacci extensions are typically front run on 1st pass, so taking profit a little lower would be prudent.
I am bullish on $DERO as long as it is closing daily candles above the last prior daily low at $17.50. Any pullback to $16.00 - $17.50 would be a nice place for accumulation.
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