Update from previous idea:
this long term chart is going to have many moving parts it is extremly difficult to pin point relevant trend lines, its always good to make progress on it and continue to update the charts even if it seems like nothing has happened.
to start with my teal blue line has proved to call the exact top of this pump the past couple days, this line has not changed, showing it is valid resistance and a break of this level will be VERY BULLISH.
in terms of the breakdown the price managed to find support at the 0.414 level which is always a key support level for me on retrace fibs to the downside. price looks like it is going to test the 0.5 fib, which hasn't played too much of a role here but in terms of mid/long term bias a break of this level seems to create volatile price action, so far we have failed to see a break and test of the 0.5 as resistance so, that is the worst case here. break and bearish retest of the 0.5 should signal further downside.
the sloping yellow line is the newest addition to the chart, if you look at my solid white line which has been drawn since the start, it is creating lower highs and higher lows aka breakout is imminent, stay tuned I will keep posting this chart, lets hope we see a nice bounce here and a breakout to the upside soon.
don't trade yet we are in no mans land unless you want to take a quick scalp.
this long term chart is going to have many moving parts it is extremly difficult to pin point relevant trend lines, its always good to make progress on it and continue to update the charts even if it seems like nothing has happened.
to start with my teal blue line has proved to call the exact top of this pump the past couple days, this line has not changed, showing it is valid resistance and a break of this level will be VERY BULLISH.
in terms of the breakdown the price managed to find support at the 0.414 level which is always a key support level for me on retrace fibs to the downside. price looks like it is going to test the 0.5 fib, which hasn't played too much of a role here but in terms of mid/long term bias a break of this level seems to create volatile price action, so far we have failed to see a break and test of the 0.5 as resistance so, that is the worst case here. break and bearish retest of the 0.5 should signal further downside.
the sloping yellow line is the newest addition to the chart, if you look at my solid white line which has been drawn since the start, it is creating lower highs and higher lows aka breakout is imminent, stay tuned I will keep posting this chart, lets hope we see a nice bounce here and a breakout to the upside soon.
don't trade yet we are in no mans land unless you want to take a quick scalp.
