As i have said many times when we don't have any thing on left of the chart we will have to use Fibonacci, Price structure and channel or other tools like WD Gann analysis.
On hourly chart we can see that price is near 2 Fibonacci levels and moving sideways. With the side ways movement price came out of up trend channel. This indicates that buying pressure is decreasing and participants of market are waiting for clear trending move. trigger to movement can be anything.
We will have to wait for structurally price to close below earlier swing low. The move after that will be quick. Expected move can come in 1 to 2 weeks time.
If price moves up and closes above important Fibonacci levels then structure and Fibonacci levels can be used to trade.
As i said fibonacci guiding price. Market closed above imp level after i published analysis and getting resistance at 1.6%
CoinedByCrypto
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Nice analysis.... I go for at least a new ATH and there an upmove due to using Elliott wave theory. We need a 5th wave to end the structure before a correction. I admit though the 5th could be truncated as the only wave, so.... therefor nice analysis you have done. Best to your trading. WSS René
dhananjay.d.joshi
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@wallstscalper, thanks a lot for such nice feedback, feedback after analysis is always encouraging.
CoinedByCrypto
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@dhananjay.d.joshi, You are welcome ...When doing good ...it should be appreciated.
@dhananjay.d.joshi, can you please webinar to explain time/price confluence? do you use fibonacci time series or fib time sequence?
thank you very much for the chartings
dhananjay.d.joshi
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@Reekardo, i will try to conduct one. I never conducted webinar before. Will think of doing the same. Till the time we can communicate on private message or whatsapp my no. Is +919820719934 ping me on whatsapp. I can share more stuff on that.