After a long decline.
It appears to me that a long decline has finished, and a rally seems on the horizon.
The double-bottoms pattern is highly likley to transpire,
It looks almost certain that the market needs consoildation awhile, with RSI on an overbought condition.
On a daily chart, the price has attempted to break through, but pummeled by, 20MA. A similar situation, I think, is the previous lowest, although that was more close to a head-shoulder-head pattern, where the price had been confronted by 20MA with a little consoildation for 2 days, and bounced off.
The price seems determined to reach either 0.382 Fib, or 0.618Fib.
Hitting at 0.618 FIb looks preferable as they are going to form an ideal double-bottoms pattern.
I am going to watch closely where the price is going to stop with the alarms set both at 0.382 and at 0.618, and set a limit order at 0.618 Fib.
What is interesting is that the status quo appears to be going to resemble the previous lowest on a daily chart, as mentioned above.
Although I cannot bar the possibility that the price goes below, suggesting a further decline, it is just unlikely, and therefore is accpetable to be ruled out
The double-bottoms pattern is highly likley to transpire,
It looks almost certain that the market needs consoildation awhile, with RSI on an overbought condition.
On a daily chart, the price has attempted to break through, but pummeled by, 20MA. A similar situation, I think, is the previous lowest, although that was more close to a head-shoulder-head pattern, where the price had been confronted by 20MA with a little consoildation for 2 days, and bounced off.
The price seems determined to reach either 0.382 Fib, or 0.618Fib.
Hitting at 0.618 FIb looks preferable as they are going to form an ideal double-bottoms pattern.
I am going to watch closely where the price is going to stop with the alarms set both at 0.382 and at 0.618, and set a limit order at 0.618 Fib.
What is interesting is that the status quo appears to be going to resemble the previous lowest on a daily chart, as mentioned above.
Although I cannot bar the possibility that the price goes below, suggesting a further decline, it is just unlikely, and therefore is accpetable to be ruled out
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.