Hey traders,
Taking a Fibonacci Channel from March 2020 lows, the 2018 bottom, and the 2019 summer highs gives us some key S/R levels. The 1.272 trend line (currently at 31-32k) looks like a possible area that we will hold before breaking/ bouncing. If this ends up bouncing it will go back to test the 1.618 trend line. However, if the price action manages to break 1.272, I will exit and consider a short. The target out of 1.272 is at the old 2017 ATH at 20k. That being said, I hope this info was useful to you!
Safe trading,
-Pulkanator
Taking a Fibonacci Channel from March 2020 lows, the 2018 bottom, and the 2019 summer highs gives us some key S/R levels. The 1.272 trend line (currently at 31-32k) looks like a possible area that we will hold before breaking/ bouncing. If this ends up bouncing it will go back to test the 1.618 trend line. However, if the price action manages to break 1.272, I will exit and consider a short. The target out of 1.272 is at the old 2017 ATH at 20k. That being said, I hope this info was useful to you!
Safe trading,
-Pulkanator