The price dropped from the 9K highs to find support at the 61.8% Fibonacci retracement level around $7500.
The directional index lines did cross but on falling momentum. This is a picture of a bearish correction in an overall bullish market, so the support on the price chart should hold and so far it has bounced.
The RSI also dropped, but still remains well inside the bullish zone.
The blue bullish trend line on the chart is our guide of support as we move higher and bring $10K back into our sights! The highlighted triangle is where price should trade int he coming weeks.
Watch trend line support to hold and previous highs to be re-examined and then new highs to follow.
$10K! Happy Trading!
Fibo
The directional index lines did cross but on falling momentum. This is a picture of a bearish correction in an overall bullish market, so the support on the price chart should hold and so far it has bounced.
The RSI also dropped, but still remains well inside the bullish zone.
The blue bullish trend line on the chart is our guide of support as we move higher and bring $10K back into our sights! The highlighted triangle is where price should trade int he coming weeks.
Watch trend line support to hold and previous highs to be re-examined and then new highs to follow.
$10K! Happy Trading!
Fibo