Before we start, sorry for the messy chart, just trying to provide you with the most information in this one
So, we got to 48.8k on the weekend with a lot of people longing into the mid of the pitchfork that you see on my chart, offering us a good short opportunity, giving us honestly the only good trade in those past few days.
We then made our way down to the .66 of the fib speed and got a decent bounce, you could start looking for longs, but I wouldn't like to lose 41.2k on the LTF
Honestly I haven't seen enough trapped shorts on this drop, which is why I am not that confident in more upside yet and personally wouldn't be too aggressive longing here
If we go lower, we have a lot of confluence in the 37.2 - 38.5k area (1 to 1 fib retracement, fib speed .75, fib golden pocket, daily level) which makes it a strong support area.
However, if we reclaim 42.5k (current resistance), the next crucial level in my opinion is 44.6k which represents the VAL of the range from the 6th of August till now
Of course, I will update you when needed
Any questions?
Good luck traders
Remember not to break your rules
Habib
So, we got to 48.8k on the weekend with a lot of people longing into the mid of the pitchfork that you see on my chart, offering us a good short opportunity, giving us honestly the only good trade in those past few days.
We then made our way down to the .66 of the fib speed and got a decent bounce, you could start looking for longs, but I wouldn't like to lose 41.2k on the LTF
Honestly I haven't seen enough trapped shorts on this drop, which is why I am not that confident in more upside yet and personally wouldn't be too aggressive longing here
If we go lower, we have a lot of confluence in the 37.2 - 38.5k area (1 to 1 fib retracement, fib speed .75, fib golden pocket, daily level) which makes it a strong support area.
However, if we reclaim 42.5k (current resistance), the next crucial level in my opinion is 44.6k which represents the VAL of the range from the 6th of August till now
Of course, I will update you when needed
Any questions?
Good luck traders
Remember not to break your rules
Habib
