For one, we broke a clean descending trendline that has been rejecting the price since May.
Secondly, and maybe what I love most, is that we broke the trendline exactly at my infamous .236 level at $0.87725.
Anyone who has been following my posts know that I talk a lot about this fibonacci level and how it is a wonderful buy signal when price finds this level as support.
Keep in mind that we are now floating above this price, which unfortunately doesn't make for an optimum entry but perhaps one could have limit orders down below near the fib level should the price drop back down to it.
However, the .236 is an area that price often does not mess around at for too long. And it is finding support on the 21 daily MA as we speak, so another candle to test the .382 level would not be surprising and ultimately our larger .236 that we will discuss when that time in the future arrives.
PLZ USE ALERTS/STOP LOSSES
(NOT FINANCIAL ADVICE)
Stop losses at 1.011, 0.99 and 0.98.
Stop loss at 0.989.