Hi all,
Just started learning about all the TA and were wondering if my idea is shit or has some potential lol.
We're clearly in a downtrend which has been touched twice and a third is probably approaching soon. This together with being in a bear flag, reaching a Fib level of 38.2 and a slowly dying volume I would say market is going down soon and most likely will reach a support level of around 7820-7870. If going thru this 7820-7870 level like a maniac we could reach a strong support level at 7370-7470 together with a Fib level of 78.6.
Only thing I'm bit worried about is the RSI hovering around the 50 level at the moment and not showing any overbought condition soon imo.
Any thoughts?
Cheers!!
Just started learning about all the TA and were wondering if my idea is shit or has some potential lol.
We're clearly in a downtrend which has been touched twice and a third is probably approaching soon. This together with being in a bear flag, reaching a Fib level of 38.2 and a slowly dying volume I would say market is going down soon and most likely will reach a support level of around 7820-7870. If going thru this 7820-7870 level like a maniac we could reach a strong support level at 7370-7470 together with a Fib level of 78.6.
Only thing I'm bit worried about is the RSI hovering around the 50 level at the moment and not showing any overbought condition soon imo.
Any thoughts?
Cheers!!