Hi Traders,
Nice to finally get some fib respect from this market eh!
Take note of the 61.8 level ($13,118) and how much resistance was recorded there - perfect confirmation that the lower fib levels will be in play (50% 38.2% 23.6%). Moving averages on the weekly time frame will be very helpful for entry points.
Scenarios:
- In the worst case scenario (and this would be the market being very generous) would be a re-test of the lowest fib level (23.6) coming in at $7,000.
- In the best case scenario we hold the current price (50% fib level) and rally back to the 68.8 from here.
- Base cace scenario is a pull back to the $9,500 area (38.2), consolidation, moon.
But basically there is ultimately one direction, and that is up.
GL, hit thumbs up!
Nice to finally get some fib respect from this market eh!
Take note of the 61.8 level ($13,118) and how much resistance was recorded there - perfect confirmation that the lower fib levels will be in play (50% 38.2% 23.6%). Moving averages on the weekly time frame will be very helpful for entry points.
Scenarios:
- In the worst case scenario (and this would be the market being very generous) would be a re-test of the lowest fib level (23.6) coming in at $7,000.
- In the best case scenario we hold the current price (50% fib level) and rally back to the 68.8 from here.
- Base cace scenario is a pull back to the $9,500 area (38.2), consolidation, moon.
But basically there is ultimately one direction, and that is up.
GL, hit thumbs up!
