The price dropped to a possible reversal zone. This zone if formed by 0.382 Fib level, the uptrend line and SMA100. We should be ready to see a price reversal with further upward movement to 20000.00 resistance level. There are at least 2 reasons to think that the price can bounce from this zone. The zone is strong and RSI is in the oversold zone. Long positions should be opened only based on a confirmed reversal signal.
Alternative variant: the price breaks this zone and falls lower. MACD and DMI confirms further downward movement. The 1st support zone was tested by the market in the previous month. Now it also can be considered as the possible reversal zone. If the price breaks it too, the 2nd support zone will be a target for downward movement. Long positions should be opened from these support zones also based on confirmed reversal signals.
So we should go out from alts or stay ?
And when will it can hit this target ?
Thank you in advance
smurfshit
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@AhmedMaged, My understanding is to hold in strong alts or USDT until the correction's over, then take a long position in BTC at a discount
DLavrov
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@AhmedMaged, I prefer to tarde every market without mixing with many other.
Woolhead
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Fibonacci line is at 13.4k and 14.6k. It bounced perfectly to those. You should include it in this chart. Idk why you didn't use the fibonacci from the top at about 20k and to the bottom of 11.4k: those are the most distinguishable high and low. Also the first support zone was drawn above the actual support zone. The three lows are supposed to be exhausted inside a support zone, not go below it. This map was drawn weirdly, usually your TA is much much better than this.
RustedValor
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@Woolhead, Fibbonaci is better to use when you don't have past price action to go on. When you have price history its better to use support and resistance, and fibbonaci together to chose which is the real support levels.
FernandoRocha88
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Using RSI considering last 14 (instead of 8 as you used) shows that it isnt that much oversold (at 42 instead of <30)
DLavrov
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@FernandoRocha88, I use such settings and I like how they work. Of course they can be changed based on exact goals.
ArmaganKozan
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i think its time for tether usdt,becaue btc and alts seems to go down..
DLavrov
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@ArmaganKozan, may be yes, but it can be for short and middle term
And when will it can hit this target ?
Thank you in advance