Moving up strongly, may pause at current levels.
It's a riskier asset class as again we're not looking at a slow, steady trend. Gone between 300 to 1400 to 80 in the past few years in a Draupner wave type pattern.
Less historical data gives less support and resistance information so we must rely more on Fibonacci levels. Price is around a significant Fib level now on the longer term charts so may pause if not turn over. If it does we would expect 360 to hold as support.
It has quintupled in value in the last 5 months but now could be due a correction. Having said that the monthly MAs have crossed upward and until lower highs and lower lows are visible on the daily chart the higher timeframe move up can be considered to be still in effect. The trade suggested below is effectively a move from the 23 Fib level to 38.
Alternatively, if the Daily chart turns over and 350 fails this could signify the upward move has failed.
Strategy: try long entry at 400, stop at 320 (-1R), target 600 (+2.5R)
It's a riskier asset class as again we're not looking at a slow, steady trend. Gone between 300 to 1400 to 80 in the past few years in a Draupner wave type pattern.
Less historical data gives less support and resistance information so we must rely more on Fibonacci levels. Price is around a significant Fib level now on the longer term charts so may pause if not turn over. If it does we would expect 360 to hold as support.
It has quintupled in value in the last 5 months but now could be due a correction. Having said that the monthly MAs have crossed upward and until lower highs and lower lows are visible on the daily chart the higher timeframe move up can be considered to be still in effect. The trade suggested below is effectively a move from the 23 Fib level to 38.
Alternatively, if the Daily chart turns over and 350 fails this could signify the upward move has failed.
Strategy: try long entry at 400, stop at 320 (-1R), target 600 (+2.5R)