Hello,
We are closing in on the 50 Month moving average. It supported the price twice in history. We never had a candle close below it. The RSI is at the lowest level in history.
The way I see it, we have to get a bit under the 50 Month, maybe get a red 9 on the weekly (we are closing with a red 5 this week), and then bounce strongly.
If we don't.. there isn't any real support until 1100! I think we are getting the bounce and then go to 1100 later but im also not going to risk too much trying to catch falling nives out there.
Please take in consideration that the momentum indicators like the RSI can recover with prolonged sideways action.
What I'm doing is setting limit orders at the range between 3k and 2,8k with small amounts. If it hits those levels my stop loss is going to be tight. If it bounces strong i will enter the rest of my position.
Best regard's
Alexandre Simões
We are closing in on the 50 Month moving average. It supported the price twice in history. We never had a candle close below it. The RSI is at the lowest level in history.
The way I see it, we have to get a bit under the 50 Month, maybe get a red 9 on the weekly (we are closing with a red 5 this week), and then bounce strongly.
If we don't.. there isn't any real support until 1100! I think we are getting the bounce and then go to 1100 later but im also not going to risk too much trying to catch falling nives out there.
Please take in consideration that the momentum indicators like the RSI can recover with prolonged sideways action.
What I'm doing is setting limit orders at the range between 3k and 2,8k with small amounts. If it hits those levels my stop loss is going to be tight. If it bounces strong i will enter the rest of my position.
Best regard's
Alexandre Simões