Hello Traders!
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- SANDOX ( SAND ) on 1D time-frame chart has been correcting the strong up-move since November 25.The bulls are attempting to arrest the pullback in the zone between the 38.2% Fibonacci retracement level 6.0$ where 50 EMA exist and the 50% retracement level at 5.25$ where 100 EMA exist .
- After creating a bullish pennant pattern we would like to see the buyers taking the price higher breaking out of this pattern making new highs, it will indicate that sentiment remains positive , buyers should push the price higher towards key level resistance 8.5$ taking the price too 10.5$.
- On 4H time-frame chart SAND bounced off the 50 EMA ,i f bulls sustain the price above this level , the pair could rise to $7.50 and then challenge the all-time high. Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the 50 EMA, it will signal that traders may be booking profits on relief rallies. That could open the doors for a deeper fall to 50% Fibonnaci retracement level at 5.25$ and even lower, meanwhile Stochastic is in the oversold territory signaling that bears have the power for now and buyers will try to push the price higher.
Thank you,
Good luck Traders!
- Please push the like button if you like the content or drop a comment to share your idea!
- SANDOX ( SAND ) on 1D time-frame chart has been correcting the strong up-move since November 25.The bulls are attempting to arrest the pullback in the zone between the 38.2% Fibonacci retracement level 6.0$ where 50 EMA exist and the 50% retracement level at 5.25$ where 100 EMA exist .
- After creating a bullish pennant pattern we would like to see the buyers taking the price higher breaking out of this pattern making new highs, it will indicate that sentiment remains positive , buyers should push the price higher towards key level resistance 8.5$ taking the price too 10.5$.
- On 4H time-frame chart SAND bounced off the 50 EMA ,i f bulls sustain the price above this level , the pair could rise to $7.50 and then challenge the all-time high. Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the 50 EMA, it will signal that traders may be booking profits on relief rallies. That could open the doors for a deeper fall to 50% Fibonnaci retracement level at 5.25$ and even lower, meanwhile Stochastic is in the oversold territory signaling that bears have the power for now and buyers will try to push the price higher.
Thank you,
Good luck Traders!