is now back at the important level at 7900.
The ascending is the 200 days .
It's the most important of all moving averages and oftentimes
the ultimate destination for a retracement. The is
ascending which reflects how price has moved looking back
of this 200 day period. It is easy to forget this in times of
persistent depreciation. However, will it hold? If not
how far will it drop?
Scenario 1: 6600 (The 78,6 Fib & Weekly S1 D-level of large )
Scenario 2: 5000 (88,6 Fib, Weekly S2 & D-level of minor )
Scenario 3: 3000 (Ultimate , Weekly
If 7900 holds support: Price close above 9500 on a daily basis
will be 1 st sign of relief.
1st sign of reversal, if price takes out the 11800 top.
So it's a long way to go to call this a bottom even if
price starts to move up.