3rd attempt to break through the long term fib at 0.425. This is...

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Zior

1,390 Posts.

10524

24/05/21

10:25

Post #: 53367801
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Originally posted by Zior: ↑

We've got a short time frame double top, so if we don't bounce soon then it's certainly looking like we might finally get a decent pull back, hopefully we'll get to 0.33 or so.
This could also just be the first bounce of an ascending wedge to squeeze the bears into a breakout higher.
The strongest immediate support will be the e21 on the hourly. A close below this will signal the bears for some profit taking and a more decent breather.
The 0.33 fib zone should be a great trade for anyone who is inclined that way or looking for a fairly de-risked second entry point. Not saying it's the bottom, (don't try to pick the bottoms.) however it's a fairly strong fib combined with the hourly e55. Keep in mind it's a support zone so it may bounce before it gets there.
Enjoy your weekend folks and I'll catch you Sunday evening or Monday morning.

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3rd attempt to break through the long term fib at 0.425. This is a major fib and thus a significant resistance. It will take a few goes to gets through. At present we are sticking to the ascending wedge and hopefully will squeeze the bears and break through to the upside. If we close under the ascending trend line we will likely retest the fibs under us. There is lots of support all the way down. If you we close (hourly) above 0.425 we then want to see a bounce off it. If we do 0.485 will be the short - medium term target.

Last edited by Zior: 24/05/21

IMU Price at posting: 40.0¢ Sentiment: Hold Disclosure: Held
64 Upvote

14 Great analysis

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