It made a new high on February 14th, after a long series. Since then, the price has been falling. After such a big move, it either goes sideways and processes it over time or falls, that is, processes the new high with the price. It is currently around the 0.382 Fibonacci, below the 10 and 20-day moving averages.
I am curious to see if it will go to the 0.5 or 0.618 Fibonacci levels. For the latter, the 50 moving average and the support around 640. From here, the February 14th high is 15% away, where it can be cheap for the bulls, which is why I think it is a strong level technically.
I consider a reversal when it bounces off one of the Fibonacci levels so that the MACD gives a buy signal above zero. This would require 2-3 green candle days, 1-2 smaller red candle days, during which the MACD turns into the aforementioned buy signal.
Breathe deeply, be patient.
I am curious to see if it will go to the 0.5 or 0.618 Fibonacci levels. For the latter, the 50 moving average and the support around 640. From here, the February 14th high is 15% away, where it can be cheap for the bulls, which is why I think it is a strong level technically.
I consider a reversal when it bounces off one of the Fibonacci levels so that the MACD gives a buy signal above zero. This would require 2-3 green candle days, 1-2 smaller red candle days, during which the MACD turns into the aforementioned buy signal.
Breathe deeply, be patient.
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