After the rejection from the daily 50ma/resistance trendline we bounced inside the channel at the 786 of the channel.
2 Scenarios I'm watching are the red lines. If price breaks the resistance trendline It's possible to tap the 618 of the move from 10.5k-3.6k. before rejecting and heading down to the 618-786 fib zone from the move from 3.6k-7.475k.
Daily indicators are slightly bearish.
Depending on the daily close today and reaction at said trendline I will be eyeing a short.
I did scalp a long from the 786 of the channel and have closed 75% with stop of the remaining 25% above entry.
Keep an eye on the 2 possible channels forming, the ascending and descending channels. A rejection from the trendline will probably result it the descending trendling, while a break may result in the ascending channel to the 618.
I will be keeping an eye.
2 Scenarios I'm watching are the red lines. If price breaks the resistance trendline It's possible to tap the 618 of the move from 10.5k-3.6k. before rejecting and heading down to the 618-786 fib zone from the move from 3.6k-7.475k.
Daily indicators are slightly bearish.
Depending on the daily close today and reaction at said trendline I will be eyeing a short.
I did scalp a long from the 786 of the channel and have closed 75% with stop of the remaining 25% above entry.
Keep an eye on the 2 possible channels forming, the ascending and descending channels. A rejection from the trendline will probably result it the descending trendling, while a break may result in the ascending channel to the 618.
I will be keeping an eye.