I drew my support and resistance levels in green.
The Fibonacci levels are in blue.
Notice that there is some support BEWTWEEN 23.6% and 0%. (Look left for clues)
Previous candles to the left broke that 1.30849 SUPPORT. However, in recent days, it could not make a lower low to 0%.
You typically want to look at 50%-61.8% for extension action. BUT the 4 hour chart has that zone between 32.8% and 50%.
The reason I say "BUY OR SELL ZONE" is because we don't know if the current trend will continue up or go down.
If it breaks that top wick on the left, it will be a buy. If it cannot break that, It will be a sell.
The Fibonacci levels are in blue.
Notice that there is some support BEWTWEEN 23.6% and 0%. (Look left for clues)
Previous candles to the left broke that 1.30849 SUPPORT. However, in recent days, it could not make a lower low to 0%.
You typically want to look at 50%-61.8% for extension action. BUT the 4 hour chart has that zone between 32.8% and 50%.
The reason I say "BUY OR SELL ZONE" is because we don't know if the current trend will continue up or go down.
If it breaks that top wick on the left, it will be a buy. If it cannot break that, It will be a sell.