1), I forgot to include RSI. it will be in oversold ranges soon. at 550 it will be defently oversold
around 550 we have also:
2) the very important 50% fib line
3) a very strong suport (blue crosses)
4) soon erverybody will be bearish; strong signal that it turns lol (this is not too serious, but think of it: when all short and midtermers are bearish, it means everybody sold - means noone left to sell)
5) on Huobi, which, let's face it, is the boss in this market, the 50% fib is at 3450....under 3450 we have thousand of bids until 3400. atm 3400 has 7k coins to sell
the rest is not meant to be accurate; i don't believe in target predictions.
but, after the reversal in a)
in b) will have a lot of restistence (pink crosses) + the 50% fib from the downtrend + 600 as psycological resistance
this could be or broken and rally goes on up to d); where we can expect more restistance
or the reversal turns out beiing only a correction of the downtrend bringing us to c again, which would make the support very weak in comparision with now and could lead to a deep fall.
around 550 we have also:
2) the very important 50% fib line
3) a very strong suport (blue crosses)
4) soon erverybody will be bearish; strong signal that it turns lol (this is not too serious, but think of it: when all short and midtermers are bearish, it means everybody sold - means noone left to sell)
5) on Huobi, which, let's face it, is the boss in this market, the 50% fib is at 3450....under 3450 we have thousand of bids until 3400. atm 3400 has 7k coins to sell
the rest is not meant to be accurate; i don't believe in target predictions.
but, after the reversal in a)
in b) will have a lot of restistence (pink crosses) + the 50% fib from the downtrend + 600 as psycological resistance
this could be or broken and rally goes on up to d); where we can expect more restistance
or the reversal turns out beiing only a correction of the downtrend bringing us to c again, which would make the support very weak in comparision with now and could lead to a deep fall.