Looking for a bounce off the fib or else it could drop more
Alright, Last post I was neutral because we were in between fibonacci retracements and since then it has gone down to the bottom of that level. We are looking for support at our current prices or (.000038 floor) and a bounce up from there to have any bullish sentiment. Currently, it's hovering right under the fib level and if it decides to go south then expect it to go all the way down to the next level. I'm neutral at the moment and would wait for confirmation to open either a long or short position. Hold if you are in a position at the moment.
Technicals:
Momentum oscillators are bearish as the momentum is very negative on Chande MO and ROC. On the bright side, usually when they are this bearish in the longer time frames you can expect a reversal soon. That reversal may get muted fast if shorts are trying to keep the price action at the current level or end up being the beginning of a trend. Something to keep on eye on. When the Chande MO crosses the 9 day MA in the upwards direction on longer time frames (8 - 12 hours or 1 day) then you can expect upwards price action.
That's all for today.
Technicals:
Momentum oscillators are bearish as the momentum is very negative on Chande MO and ROC. On the bright side, usually when they are this bearish in the longer time frames you can expect a reversal soon. That reversal may get muted fast if shorts are trying to keep the price action at the current level or end up being the beginning of a trend. Something to keep on eye on. When the Chande MO crosses the 9 day MA in the upwards direction on longer time frames (8 - 12 hours or 1 day) then you can expect upwards price action.
That's all for today.
