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.
Maintain bullish ~ Is it because the 3 black soldier not yet close the huge green candle?
ellynacci
⋅
@jeetyuan72148, candlestick is indicator, just like oscillator, sometimes you can see overbought, but market remains uptrend. They'll still need confirmation by the price itself. The major structure has not been violated yet. Take downside movement in Feb 2020 as example - dramatic drop followed by significant advances. If S3 breached, downtrend alert. S4 breached, then Bearish trend confirmed. Which level for EP, SL these are all depend on trader's risk profile. This type of market is not my selection, regardless projects/news/stories because it look very speculative. As you can see, the amount of upside movement similar to downside movement (perhaps the same buyers and sellers, could be). In my own term, I call it speculatively Bullish 😆