This is my first stab at this, I mainly want to present how I see the charts, and would love to get feedback as well.
- If price action pushes above the 2.93 level I will consider a daily trade with hopes of reaching to the 4.11 level.
- If price falls below the 1.70 level I will hunt for an oversold bounce attempt. Aiming for low 20s or teens on daily rsi levels.
- Looking at the 4 hour I've assumed a bear flag and marked a measured move to the downside, possible point for oversold bounce attempt around 1.30-1.40, use 4 hour rsi as indicator, aiming for low 20s. If you do attemt an oversold bounce at this level, please be aware that this measured move could penetrate the lower support level and may dump very quickly. This would be a very high risk trade.
- Another scenario is price will follow the yellow channel to new highs, until it doesn't. Use the channel as support and resistance.
Comment:
Looks like the path is upwards. hopefully, you guys joined me on that one. Let's continue to watch the trend play out and see if we can grab another bounce off support.
Comment:
Also keep an eye on that 2.54 level for a possible bounce as well.
Comment:
My apologies, I meant 2.44
Comment:
looks like we are currently breaking the support level, let's keep an eye on that.