As it can be inferred from the chart, after being in a downtrend since the end of October, the price reversed in the beginning of December and is now in a massive bullish uptrend. A nice bottom is currently being formed around the area of 0.236 Fibonacci retracement level. Moreover, the 38.2% Fibonacci level perfectly lines up with a previously broken zone of resistance later turned support. It is a bit early to open BUY positions, as we have to patiently wait for more confirmations before a successful execution. Therefore, we will monitor the price action and see how it behaves around the key zones that align with Fibonacci levels.
Happy trading, everyone!
Happy trading, everyone!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.