As we can see, the 5.8k level held and so bulls are eager to enter into positions (displayed by the parabolic 1H). a great place to hedge long/long at this point would be 6k-6.1k with target of 6.7k-7k.
why 6k-6.1k as support to hedge:
- 0.618 - 0.78 fib levels
- previous support before liquidity pool
why 6.7k-7k as target:
- 0.618 fib level
- 1D kijun
Note: if we move fast enough, theres alot of liquidity past 7k to move us as close to as 7.4k.
Note: if 5.8k gets breached this analysis is invalid and 4.7k would be seen as theres liquidity under 5.8k.
why 6k-6.1k as support to hedge:
- 0.618 - 0.78 fib levels
- previous support before liquidity pool
why 6.7k-7k as target:
- 0.618 fib level
- 1D kijun
Note: if we move fast enough, theres alot of liquidity past 7k to move us as close to as 7.4k.
Note: if 5.8k gets breached this analysis is invalid and 4.7k would be seen as theres liquidity under 5.8k.