Channel covers all the fluctuations since 2009 and market behaves accordingly.
At this point we can see that price is locally in oversold condition, so the reaction with opposite direction can be expected. Market has been taking many attempts to push lower into green area (1 - 1.618) and hipothetically it would be a good level for long entries.
Every time price was reaching green fib zone, the participants were buying off.
Long story short, the whole thing would get a lot more interesting if the price crosses below red line (fib_1) and would seek support in darker green area of sub-$45 levels, because cheap price will atract new wave of investors and for a powerful vertical growth that everybody likes, market must assure that the last bears are shaken off shaping wave C.
OR a buying power can be monitored at breakout from white dotted descending line, which is more naturally goes with the fibonacci channel and doesn't seem odd unlike the other option.
The third place of perfect place of entry is at breakout above white line but inside green area which is way ahead.
Another thing that we should be aware of is the fact that current price level is relatively very close to All Time High.
Maybe that's why there were many rejections to move higher for the past 2 years!
So the people who want to invest long-term must take it into account.
At this point we can see that price is locally in oversold condition, so the reaction with opposite direction can be expected. Market has been taking many attempts to push lower into green area (1 - 1.618) and hipothetically it would be a good level for long entries.
Every time price was reaching green fib zone, the participants were buying off.
Long story short, the whole thing would get a lot more interesting if the price crosses below red line (fib_1) and would seek support in darker green area of sub-$45 levels, because cheap price will atract new wave of investors and for a powerful vertical growth that everybody likes, market must assure that the last bears are shaken off shaping wave C.
OR a buying power can be monitored at breakout from white dotted descending line, which is more naturally goes with the fibonacci channel and doesn't seem odd unlike the other option.
The third place of perfect place of entry is at breakout above white line but inside green area which is way ahead.
Another thing that we should be aware of is the fact that current price level is relatively very close to All Time High.
So the people who want to invest long-term must take it into account.