Too much evidence is accumulating that hints a short in crude. This fib fan has some history and the importance of its angles has been proven. We have now a clear resistance on the 0.618 angle and momentum and volume also peaked. The long term target is on the 0.5 angle with good possibilities of continuing further down. On the 4h time frame there is a head and shoulders pattern developping and if neckline breaks, target is around 61.
@smitheric1970, Hey thanks ! Let's see how it plays, it will be a long journey.
DraNadita
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That's cool, I don't know how to use the Fib Fan. Could you share the BTCUSC TA you shared in the chat 10 minutes ago or so? Pls...
Mastropiero
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will you short on this level?
purpurato59
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@Mastropiero, Still waiting on signal, wouldn't engage now.
tfinavia
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@purpurato59, hello, what level would you possibly closing the short trade on CL1? Is it 62.80? I'm trying to get a clue on fan lines and levels. Thanks!
purpurato59
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@tfinavia, I had a short and closed already, I think there will be some consolidation in this area before any decision.
tfinavia
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@purpurato59, Sure, it looks to be a consolidation. I want to target 62.80 where RSI will be close to 30; oversold bottom before rise to 67.50
nadash72
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what do you expect next
purpurato59
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@nadash72, Not so sure, I guess more consolidation in this area. Check DXY I think it's playing a major role.