Timeframes used: 1h and 15m
Reasons to Ready to Long:
- Price failed to break above the 65 level, fell back into the orange channel, retested the 55 level (support, former fibo 0.382 and median line of the purple channel) and failed, pulling back to the 44 level (resistance and median line of the orange channel)
- Maintaining the laddering up structure on the 33 level
- At the current moment, the price is still within the lower channel of the purple channel, indicating the possibility of a sharp upward movement
Forecast: One of the following possibilities:
- Maintain the 38-44 level (to maintain the laddering up structure on 33) and quickly rebound to 57-60 (former peak), then create a higher low at 48, continue to ladder up sharply within the purple channel, rising to 65-67 (former peak)
- Break the 38-44 level and completely break the purple channel, holding and consolidating at 33 (former bottom, fibo 0.236 and lower channel of the orange channel), fluctuating for a longer time in the 33-55 range before breaking 55-60 (former peak and median line of the orange channel)
Action: Ready to Long
16/03/2023 - Long Dang
Reasons to Ready to Long:
- Price failed to break above the 65 level, fell back into the orange channel, retested the 55 level (support, former fibo 0.382 and median line of the purple channel) and failed, pulling back to the 44 level (resistance and median line of the orange channel)
- Maintaining the laddering up structure on the 33 level
- At the current moment, the price is still within the lower channel of the purple channel, indicating the possibility of a sharp upward movement
Forecast: One of the following possibilities:
- Maintain the 38-44 level (to maintain the laddering up structure on 33) and quickly rebound to 57-60 (former peak), then create a higher low at 48, continue to ladder up sharply within the purple channel, rising to 65-67 (former peak)
- Break the 38-44 level and completely break the purple channel, holding and consolidating at 33 (former bottom, fibo 0.236 and lower channel of the orange channel), fluctuating for a longer time in the 33-55 range before breaking 55-60 (former peak and median line of the orange channel)
Action: Ready to Long
16/03/2023 - Long Dang