Hello trades.
From technical point of view we can see that ABC correction is completed.. These formations usually end between 1 & 1.236 fibs.. We dipped below 1 and that was just what we needed to now look for longs in medium term..
Have a look at my previous idea :)
Green fibs with ranges are possible targets.. All depends on how well we take out important supply zones..
Bulls showing strength with high volume bullish daily candle (as of now.. Have to wait for daily close to have a better perspective)
I wouldn't get too excited until we start taking out important zones to have sustainable growth.. For the time being - relief rally is very likely to cool of selling pressure and to take out "bottom shorts"..
I have longs running from mid 0.21 & now looking to take profits at $0.245-$0.248 region before identifying new trades.
***Keep in mind that even if we jump towards 0.382fib - we might end up dropping again creting double bottom or even dipping a bit lower to shake out longs for the last time and finally shift to start openeing long term longs.
It correlates with BTC price action too. Relief rally is very likely, but new medium term lows are possible there too.***
This is not a financial advise! Until the next one traders!
From technical point of view we can see that ABC correction is completed.. These formations usually end between 1 & 1.236 fibs.. We dipped below 1 and that was just what we needed to now look for longs in medium term..
Have a look at my previous idea :)
Green fibs with ranges are possible targets.. All depends on how well we take out important supply zones..
Bulls showing strength with high volume bullish daily candle (as of now.. Have to wait for daily close to have a better perspective)
I wouldn't get too excited until we start taking out important zones to have sustainable growth.. For the time being - relief rally is very likely to cool of selling pressure and to take out "bottom shorts"..
I have longs running from mid 0.21 & now looking to take profits at $0.245-$0.248 region before identifying new trades.
***Keep in mind that even if we jump towards 0.382fib - we might end up dropping again creting double bottom or even dipping a bit lower to shake out longs for the last time and finally shift to start openeing long term longs.
It correlates with BTC price action too. Relief rally is very likely, but new medium term lows are possible there too.***
This is not a financial advise! Until the next one traders!
