Newbie to TA so please be gentle. LOL.
Fib generated from lowest point after the last correction up to ATH.
From what I can observe on the Weekly, Daily and 4hr charts, we appear to be in a decent to retest the 0.768 Fib at the 58.9k mark.
A strong rebound could indicate a nice base for a healthy move to a new ATH. But if we drop below the 0.768 by any margin, I feel we may correct all the way down to the 0.618 at around 52k.
This in itself wouldn't be disastrous, provided it holds firm.
My thoughts are derived from the following:
We have now fallen below the 50MA and 200MA on the 4Hr chart
Both RSI and MFI are decreasing
Trading appears stuck in a 6K descending channel, and to me it appears the bears are slowly pushing back.
Please feel free to comment, point out any mistakes or make suggestions on what I need to improve.
Thanks, and may your trading be successful.
Fib generated from lowest point after the last correction up to ATH.
From what I can observe on the Weekly, Daily and 4hr charts, we appear to be in a decent to retest the 0.768 Fib at the 58.9k mark.
A strong rebound could indicate a nice base for a healthy move to a new ATH. But if we drop below the 0.768 by any margin, I feel we may correct all the way down to the 0.618 at around 52k.
This in itself wouldn't be disastrous, provided it holds firm.
My thoughts are derived from the following:
We have now fallen below the 50MA and 200MA on the 4Hr chart
Both RSI and MFI are decreasing
Trading appears stuck in a 6K descending channel, and to me it appears the bears are slowly pushing back.
Please feel free to comment, point out any mistakes or make suggestions on what I need to improve.
Thanks, and may your trading be successful.