Last week, $ZAR opened at R15.22, closed at R14.71
Technical resistance at FIB ratio 50% R14.63 (range: R17.76 (Jan 16) to R11.51 (Feb 18))
with the 50 SMA at around R14.32.
We are 8/24 weeks into a new Cycle looking for a Low.
Previous Cycle Low was around R13.82
Great Weekly Green Bar!!
Big bounce from the 18 SMA, a repeat from the 2017 bull run.
$BTC still trading in the accumulation zone FIB ratio 23.6% to 38.20% (range: 13868.44 to 3128.29), the 2019 big bullish move.
Upper side of the range is around $11300.
18 SMA weekly in support, like in the 2017 bullrun.
Bitcoin continuing with the Flat Base Trading , Week 12 since entering the -
FIB ratio 38.20% to 23.60% (range: 3128.29 to 13868.44), the 2019 big bullish move.
FIB ratio 38.20% to 50% (19783.06 to 3128.29), the bearish 2018 correction.
High probability, cycle high formed 4-weeks into a possible 28 weeks cycle, to form the next cycle low. This cycle can be as low as 16 weeks.
Triangle suggest support around the 200 SMA - 15.75.
Important to keep eye on the political climate in SA. It is not normal, current events can make markets jittery, or is it normal now?
Did we had a cycle high 5 weeks into the next cycle?
How SA roleplayers accept @tito_mboweni economic growth
plan will be telling on how the market reacts. Sunday night opening
in the east will be telling.
Currently we are trading under the FIBONACCI ratio 61.8% (range: 17.76 Jan '16 to 11.51 Feb '18),
if we are ambitious we will aim for the 38.2% (13.89)...
8 Weeks of trading between the FIB ratio 23.6% (resistance) and 38.2% (support) for the range: 3128.29 to 13868.44 (the 2019 bullish move).
Brings the 18 MA closer to the Price Action. See the 2017 bull market run. They touched before the bounce and continuation.
We have a bullish wedge.
We are on the edge of a FIB Circle.