Hey followers and other TradingView users.
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As You see, I’m still a bit side and I still wait for a little bit bigger correction downwards to retest the blue area. Yesterday evening, I was close to change my bias and the game changer would have been a daily candle close above the $4,000 round number . The price made a break above the $4k but didn’t get a close above of it.
The price got a rejection from the $4k level and I believe we might see a short opportunity from the current level because several price action criteria matching each other in one area – around $4k:
– $4,000 act as a , the daily candle got rejected from it and got a close below the round number
– Just above the $4k is the FIB golden ratio retracement level 62% which act as a resistance
– 4H timeframe EMA200 is on the play again and it matching exactly those level which is mentioned above
– 8H timeframe EMA100 act as a support
TARGETS & Confirmations
Several signs around the round number and if we get a movement downwards then the safest first target would be $3,875 (the strong area on the chart, blue line, and the crossing area) and the second leg confirmation comes after we have got a close (at least 1H candle) below the orange short-term and the target would be the blue area where I expect a little bounce just a little reminder from my previous post that why I expect a bounce from the mentioned area:
The bounce area criteria at $3,530-$3,635:
1. The trend is Your friend and the short-term trend is so, we would like to search some setups.
2. The super strong price level starts to work as strong support (blue area)
3. throwback would be perfect endpoint from the top to make another leg upwards.
4. Different FIB levels inside the green circle and yes, the golden ratio 62% retracement level is also on the circle.
5. In my opinion, one of the best chart pattern Chypher (which will be easily a continuation pattern) endpoint is on the circle!
6. If we got a rejection from the mentioned area and this setup ends with a pattern, then it would be seventh confirmation!
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Thank You for your support, I really appreciate it!
CHEERS!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Previous Idea Post:
Published at Sun, 23 Dec 2018 07:40:34 +0000
