Price tested the 0.65 support level and has since bounced sharply. Currently it is trading above the 0.875 level. A close above, may take price back to the 1.15 resistance, maybe after a test of the 0.875 as support. If it returns below 0.87 it will be the 0.65-0.87 that is the range of S/R.
Hello, taking Fib from dec19 to the maximum $ 3.3 at jan03, retraced 100% Fib, as a reference of supports and resistances serve those same references upwards, or what new Fib scale should be considered? I am not an expert analyst but I see that beyond the FUD and real bad news of last days a very technical scale has occurred in this descent. The same I see in BTC. Not having understood this before cost me a hard and expensive lesson from the market that I am still regretting. Am I wrong?
@gusccbb, You pull the fibs from the whole wave, not from the 19th. Look how I draw it. For upward, draw the fib from the top to the current low, for retracements. But the market is fast, and you must look for confluence S/R that is were several supports coincides. Learn to use pivot point. Experienced traders use pivots but rarely beginners or amateur technicians. Look how the bounce came at the junction of the Weekly S4 and the horizontal resistance (0.65-67) as I marked as a support level.
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