This is my second attempt at analysis as the first one went well if you check my previous chart.
As we can see the chart has been hitting all of the fib retracement levels very nicely so far.
As the final candle before the market close shut above the 0.618 fib level @ 62350 it may already be bullish and ready to shoot now but i will await further confirmation.
I will await for this confirmation by seeing if it drops further and bounces off the 0.5 fib level @ 0.62213 where I will then look to enter a buy with a TP1 of 0.62544 at fib level 0.786 and TP2 of 0.62792 at fib level 1 as that's where it bounced off at the previous highest high.
SL will be places just below the 0.382 fib level @ 0.6288.
Very nice Risk/Reward ratio of 2 on TP1 and Risk/Reward ratio of 3.47 on TP2.
As we can see the chart has been hitting all of the fib retracement levels very nicely so far.
As the final candle before the market close shut above the 0.618 fib level @ 62350 it may already be bullish and ready to shoot now but i will await further confirmation.
I will await for this confirmation by seeing if it drops further and bounces off the 0.5 fib level @ 0.62213 where I will then look to enter a buy with a TP1 of 0.62544 at fib level 0.786 and TP2 of 0.62792 at fib level 1 as that's where it bounced off at the previous highest high.
SL will be places just below the 0.382 fib level @ 0.6288.
Very nice Risk/Reward ratio of 2 on TP1 and Risk/Reward ratio of 3.47 on TP2.