GAS downtrend has been pretty consistent during the past month. Price droped from $13, where it has rejected the 200 Moving Average, down to the recent low at $3.6. This is a over 70% loss to the USD in a relatively short period of time.
However, the decline has been stopped by the 1327.2% Fibonacci retracement level applied to the corrective wave up after the uptrend trendline breakout. Along with the Fib support, GAS/USD has tested and rejected the lower trendline of the descending channel while forming a bullish divergence on the RSI oscillator.
This might be the first signal of a potential trend reversal, as the price already seems to be very undervalued. As the trend reversal confirmation, downtrend channel breakout should be considered. But for now, perhaps it is still a waiting time, although some heavy risk takers are getting some more GAS right now.
However, the decline has been stopped by the 1327.2% Fibonacci retracement level applied to the corrective wave up after the uptrend trendline breakout. Along with the Fib support, GAS/USD has tested and rejected the lower trendline of the descending channel while forming a bullish divergence on the RSI oscillator.
This might be the first signal of a potential trend reversal, as the price already seems to be very undervalued. As the trend reversal confirmation, downtrend channel breakout should be considered. But for now, perhaps it is still a waiting time, although some heavy risk takers are getting some more GAS right now.