DOT recently bounced of 2 fibonacci levels.
The bigger fib was drawn from the lowest point to the highest point (pink fibonacci).
The smaller fib was drawn from the recent higher low to the highs (blue fibonacci).
This indicates to us to that there's bullish buying pressure now. We also so a breakout of the red descending trendline indicating to us that the bearish trend has ended.
Trade Idea:
- Watch for bull flags on lower timeframe
- When entered, put SL below the fibonacci level
- Target recent highs as first target, -0.27 as second target
Goodluck!
The bigger fib was drawn from the lowest point to the highest point (pink fibonacci).
The smaller fib was drawn from the recent higher low to the highs (blue fibonacci).
This indicates to us to that there's bullish buying pressure now. We also so a breakout of the red descending trendline indicating to us that the bearish trend has ended.
Trade Idea:
- Watch for bull flags on lower timeframe
- When entered, put SL below the fibonacci level
- Target recent highs as first target, -0.27 as second target
Goodluck!