Because it's the obvious target supported perfectly by TA. So that won't happen!
Let me explain why it's the perfect target and why it will stop higher:
8650 looks picture perfect
* support by the trendline coming up from 6502 at the start of the rally
* 0.618 retracement of the whole move up
* lower trendline of the move down could point to exactly that area
* Sell volume suggests there is still some room for downward movement, because usually the last few drops show declining volume. The last drop actually showed the highest volume
* RSI shows bearish divergence which points to a lot of downward movement
Let me explain why it's the perfect target and why it will stop higher:
8650 looks picture perfect
* support by the trendline coming up from 6502 at the start of the rally
* 0.618 retracement of the whole move up
* lower trendline of the move down could point to exactly that area
* Sell volume suggests there is still some room for downward movement, because usually the last few drops show declining volume. The last drop actually showed the highest volume
* RSI shows bearish divergence which points to a lot of downward movement
註釋
And here is why I think 8920-35 is the real target:I have anticipated potential endpoints for the move down and found that 8925 is the confluence of three different FIBs. I have put some text inside the boxes to explain how the analysis works
I have marked the fib reactions yellow at 0.382, 0.618 and 0.786
註釋
I also recomment Sumastardons charts if you are looking for perfectly picked resistance and support lines. Here the 8937 one would support the target:tradingview.com/u/sumastardon/
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