Used Fibonaaci retracements on major 2018 moves
1st retrace went above 0.618
2nd retrace to 0.5
3rd retrace went above 0.618
4th retrace went just above 0.618
If the same applies, 5th retrace may go around $7495
- bounce on falling wedge support (reversal pattern)
- volume inscreasing, but slowly
- daily stoch rsi about to cross up
- rsi seems to bounce here, just over 25
May go back to the upside of the falling wedge and a break through, around ~$8500.
A lack of volume / fakeout will bring back down to ~$6035, which if the confluence of bottom line of the falling wedge...
- $630 was strong support which turned into strong resistance
- retraced almost to 78.6 fib, which if also 4h ichimoku cloud upper line which may act as support
- 4h ichimoku looks good (tk above kj, price & chikou above the cloud...)
- good zone to open a long with a tight stop loss
- Rising wedge
- RSI will be soon oversold on 4H
- High probability in breaking descending trendline (bullish sign)
- Potential pullback after breakout
On a fundamental standpoint, no bad news for a while.
Tax days are now part of the past.