Strat has moved up and retraced nicely to area of confluence including the 0.0008138 (Red Line), the (Light Blue angled line) and 61.8 Fib retracement. At this point (The pink Circle) it has bounced and looks set for a good move up.
Price has then hit the 3 EMA’s 20 (Blue), 50 (Red) and 200 (Green) which are grouped quite closely and are offering short term Resistance as price bounces down of them. We may spend a few days bouncing between them and ranging here (The Blue Box).
What we are looking for is a break out from this region. We can trade the first bar which closes above the 200ema and 0.00101 resistance (Black Line), or wait and look for another classic . Where price Advances through the and level, pulls back to it, and then Continues in our direction. That would be my preference.
Levels going up are 0.00120 for first target, and then to 0.00151.
To make dollars our decisions need to make sense. We want to wait for the break out here, and preferably the retest. We don’t want to get caught in the consolidation in the blue box.
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