Bullish engulfing pattern on short term
Very often the downward move on cryptocurrencies is very steep. To catch a moment of reversal I'm using fibonacci retracementool. In moves like this I'm looking for a range between 76,4% and 85,4%.
This time the price hit 85,4% and the 4h candle closed above 76,4%.
Moreover let's look at Volume of this candle, it's a lot above avereage. This is a good signal confirming, that there is a lot resistance at this level.
Taking into account price action formation, we can see Bullish engulfing with confirmation. The candle marked with red arrow engulfed previous red bar.
In my opinion price will get back to blue trend line, than the bears will strike back.
This time the price hit 85,4% and the 4h candle closed above 76,4%.
Moreover let's look at Volume of this candle, it's a lot above avereage. This is a good signal confirming, that there is a lot resistance at this level.
Taking into account price action formation, we can see Bullish engulfing with confirmation. The candle marked with red arrow engulfed previous red bar.
In my opinion price will get back to blue trend line, than the bears will strike back.
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