Hi everyone. In my TA I'm considering fib levels, elliot waves, Ichimoku Cloud, RSI, and MACD.
--> I see a 1-5 count on MACD and price action and we are about the end of the wave 5.
--> fib extention shows we have rejected 360% (7.5k) and we see a high+long+red wick that signals reversal soon.
--> fib retracement tells us that the next stop(support) is at 26% fib level, which is at 6.2k.
--> ichimoku: tenkan supports the fib retracement level of 26% as tenkan acts a hard support when a candle closes below kijun.
--> RSI is stretched enough for the month and signals a side way action. it broke a hefty support and i anticipate a retest of it as resistance. this will also form a bearish divergence as price will likely retest resistance.
Overall anticipation of price action is more consolidation/sideway action near extention 360% fib level before any major moves downwards, which is also predictable as a correction is due sooner or later. target of bears would be at 6.2k-5.8k as the safe bets. but a higher risk/reward target would be at fib retracement level of 38% or 5k-5.3k.
https://imgur.com/a/36F71fb
--> I see a 1-5 count on MACD and price action and we are about the end of the wave 5.
--> fib extention shows we have rejected 360% (7.5k) and we see a high+long+red wick that signals reversal soon.
--> fib retracement tells us that the next stop(support) is at 26% fib level, which is at 6.2k.
--> ichimoku: tenkan supports the fib retracement level of 26% as tenkan acts a hard support when a candle closes below kijun.
--> RSI is stretched enough for the month and signals a side way action. it broke a hefty support and i anticipate a retest of it as resistance. this will also form a bearish divergence as price will likely retest resistance.
Overall anticipation of price action is more consolidation/sideway action near extention 360% fib level before any major moves downwards, which is also predictable as a correction is due sooner or later. target of bears would be at 6.2k-5.8k as the safe bets. but a higher risk/reward target would be at fib retracement level of 38% or 5k-5.3k.
https://imgur.com/a/36F71fb