Confluence of Support

Great spot for not only opening new long positions or dollar cost averaging in. For traders this is a beautiful scalp up till the next fibonacci retracement. RSI bottomed out at a historical level just in oversold territory, bullish divergence on the MACD moving into today. This could potentially be the bottom. It looks great as an entry point with a confluence of support and a lot of ground to cover until next resistance. Great risk to reward. That being said set stops just below trendline because if that is broken we have a long way to full till next support around 5k . Look for reversal impulse wave on breakout for confirmation.

Jay C.