Chart 1
A helicopter view on weekly timeframe (Chart 1), we can see the Bullish market structure with formation of Higher Highs and Higher Lows. In July 2017 the price reacted at Fibonacci Target 4.236 and plummeted to support level at 0.22. The price was consolidated for two years, before surging higher forming new ATHs. Our view is Bullish here.
Chart 2
The share plummeted again from new ATH at 0.82, found support at Fibonacci sell target at 0.39 and rose dramatically to Fibonacci target 2.618 at 0.80, however dipped down to support at 0.55.
Conclusion:
Our view is still bullish. Support level at 0.55 could be a rebound point for the price to climb higher. However, if breached, next support is at 0.385. If again, the price breached this level it could drop to S3, and finally S4, which violation below this level assumed bullish reversal is confirmed.
Disclaimer: No trading strategy provided here. Our content is intended to be used and must be used for technical analysis education purposes only.
A helicopter view on weekly timeframe (Chart 1), we can see the Bullish market structure with formation of Higher Highs and Higher Lows. In July 2017 the price reacted at Fibonacci Target 4.236 and plummeted to support level at 0.22. The price was consolidated for two years, before surging higher forming new ATHs. Our view is Bullish here.
Chart 2
The share plummeted again from new ATH at 0.82, found support at Fibonacci sell target at 0.39 and rose dramatically to Fibonacci target 2.618 at 0.80, however dipped down to support at 0.55.
Conclusion:
Our view is still bullish. Support level at 0.55 could be a rebound point for the price to climb higher. However, if breached, next support is at 0.385. If again, the price breached this level it could drop to S3, and finally S4, which violation below this level assumed bullish reversal is confirmed.
Disclaimer: No trading strategy provided here. Our content is intended to be used and must be used for technical analysis education purposes only.