The green highlighted area on the chart was the first sign of bearishness to return. Price could not even reach the 61.8% level as resistance. Momentum for trend has been maintained for the bears. The Average Directional Index (ADX) line is increasing at the same time the red negative directional index is staying elevated. The bears started to take control right at the time the black bullish trend line was busted to the downside.
The price move below the blue 61.8% Fibonacci level keeps the golden ratio key resistance going forward. A full retracement target to the previous low and the trend line break objective (marked with arrows) creates a zone where buyers are likely to set up camp to build a new floor in the market. This zone is the target over the next week or so.
Critical Resistance: $0.30588
Key Resistance: $0.29529
Key Support: $0.26698
Critical Support: $0.24653
The price move below the blue 61.8% Fibonacci level keeps the golden ratio key resistance going forward. A full retracement target to the previous low and the trend line break objective (marked with arrows) creates a zone where buyers are likely to set up camp to build a new floor in the market. This zone is the target over the next week or so.
Critical Resistance: $0.30588
Key Resistance: $0.29529
Key Support: $0.26698
Critical Support: $0.24653