We have a nice bullish pattern lining up on this time frame after failing to form the right shoulder of an inverse head and shoulders pattern. Currently price is attempting to trade in a resistance area above the sub-sub fibo at $5839.20. Closing above this area can lead to a breakout of the flag at $5965. Be advised, bullish confirmation is located higher at $6055.
Targets to the upside are an hourly fibo extension at $6316 and a daily extension at $6864.50 (I would aim for $6700, see below). We have a previous daily fibo extension at $6421 for a more conservative target.
Breaking down and closing below $5722 can unlock selling to a range between the trading range support at $5590 and the sub-key fibo at $5537. Breaching below this area could test the bottom of the rising wedge line.
*Please note this is a high risk trade based on the daily chart: We are in a potential crown reversal area, RSI is getting tired, and we have a red candle/doji that will need to be resolved before closing. Projected new all-time high is $6739, but we may overshoot to the fibo extension at $6864.50.
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Kissed the key-fibo and fibo extension...RSI is telling us the sale may be over...
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Double bottom? If the that small key-fibo area is too strong, we will see a strong selloff to the next hourly fibo extension. This could breach the bottom flag line. Overall, the chart is bullish until we breach the rising wedge line and retrace fully to the trading range at 5100ish. From there we start thinking about margin shorting the market.
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RSI is pointing up in the 15 min!
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تم فتح الصفقة
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At entry. We going to the fibo extension! :)
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Reached fibo extension! I opened a small short position throughout the fall. This thread is closed!