200EMA line has been working as strong resistance from 13th May up to 22nd July, Since then the price has been riding the line as strong support until the 7th September crash.
Pessimistic scenario:
Since we've brake below 200EMA on daily and reached only 0.382 (43.787$) corrections according to Fibonacci it could go down to 0.5 (41.083$) which aligns with a strong support line. The optimal point for entry and going long from there.
Optimistic scenario:
If continue with the formation of higher highs and higher lows, the entery point would be set at 49.650, if the daily candle closes above that price.
Some resistance is expected at 56.517 due to the highest volume per price at that point.
Pessimistic scenario:
Since we've brake below 200EMA on daily and reached only 0.382 (43.787$) corrections according to Fibonacci it could go down to 0.5 (41.083$) which aligns with a strong support line. The optimal point for entry and going long from there.
Optimistic scenario:
If continue with the formation of higher highs and higher lows, the entery point would be set at 49.650, if the daily candle closes above that price.
Some resistance is expected at 56.517 due to the highest volume per price at that point.