Price broke lower bearish trend line resistance and rallied higher last week. The upside target for the breakout (marked with black arrows) hit and found selling interest, or likely profit-taking near the objective. Selling interest also came in as the next upper red bearish trend line was tested.
Price is slipping lower and is likely to test the red 61.8% Fibonacci level (.4695) as support this week. Indicators show this level holding if tested, but if momentum starts to switch back to the bears while price approaches the golden ratio, look for a drop all the way back to the breakout point or support 2.
Weekly S/R
Critical Resistance: $0.7972
Key Resistance: $0.6125
Key Support: $0.4695
Critical Support: $0.3171
Price is slipping lower and is likely to test the red 61.8% Fibonacci level (.4695) as support this week. Indicators show this level holding if tested, but if momentum starts to switch back to the bears while price approaches the golden ratio, look for a drop all the way back to the breakout point or support 2.
Weekly S/R
Critical Resistance: $0.7972
Key Resistance: $0.6125
Key Support: $0.4695
Critical Support: $0.3171