When we examine the chart in the weekly period, I think the main pattern is complete.
We can think that the formation of a new movement has started or is about to begin.
Looking at the weekly and monthly support and resistance zones with Schiff pitchfork, we can think that prices are not too high for trading.
We can accept the $0.900 levels as support as weekly or even monthly support. I don't think this region can be crossed. Still, piecemeal trading can be a sensible option to avoid risk.
On the upward trend, we can also see that the weekly and monthly major resistance is at the $1,700 levels. At these levels, selling piece by piece again can mean more and risk-free profits.
When we follow the downtrend using the Fibonacci channel, I think that the downtrend is weakening and now there is a tendency for prices to move out of the channel.
Assuming that it will enter an uptrend at the same angle, I cannot say anything about the unrealized price at the moment, but I believe that the fibonacci upper channel 1.618 level will work as resistance according to the position of the price in the future.
For example, the place where the price coincides at that moment is the price equivalent to 1,618 on the channel we have drawn now, and if the price is 2 dollars, 2 dollars will work as resistance. Or if the price is $1.7 and the channel is above the 1.618 line, we can think of it as the resistance of $1.7 at that time, not $2. You have the possibility to test this when prices turn upwards.
When we look at it with Renko candlesticks, I think it is clearly trying to complete a harmonic pattern.
Based on the previous accumulation area and considering the pattern that can emerge over the harmonic pattern default values, we see the levels of 0.870 -0.900 dollars.
This gives the same result in synchronous with other types of candlesticks.
If we imagine this harmonic pattern as complete, one of the major resistances it will encounter will probably be fibonacci 1.618. When we examine the chart, we can see that the resistance levels coincide with the previous supply zones as well as the support levels.
Since these are weekly and monthly resistance levels, I think there will definitely be a sales reaction.
Apart from these, I observe that there are patterns that give their first signals. But since the data has not yet been generated and I cannot measure it, I cannot talk about them for now.
We can talk about this when the D leg of the last harmonic pattern that I expect to occur is formed.
In summary, I think that the price movements will be shaped as 0.900-1.5 and 1.8 respectively.
Note: This is not investment advice.
We can think that the formation of a new movement has started or is about to begin.
We can accept the $0.900 levels as support as weekly or even monthly support. I don't think this region can be crossed. Still, piecemeal trading can be a sensible option to avoid risk.
When we follow the downtrend using the Fibonacci channel, I think that the downtrend is weakening and now there is a tendency for prices to move out of the channel.
For example, the place where the price coincides at that moment is the price equivalent to 1,618 on the channel we have drawn now, and if the price is 2 dollars, 2 dollars will work as resistance. Or if the price is $1.7 and the channel is above the 1.618 line, we can think of it as the resistance of $1.7 at that time, not $2. You have the possibility to test this when prices turn upwards.
When we look at it with Renko candlesticks, I think it is clearly trying to complete a harmonic pattern.
This gives the same result in synchronous with other types of candlesticks.
If we imagine this harmonic pattern as complete, one of the major resistances it will encounter will probably be fibonacci 1.618. When we examine the chart, we can see that the resistance levels coincide with the previous supply zones as well as the support levels.
Apart from these, I observe that there are patterns that give their first signals. But since the data has not yet been generated and I cannot measure it, I cannot talk about them for now.
We can talk about this when the D leg of the last harmonic pattern that I expect to occur is formed.
In summary, I think that the price movements will be shaped as 0.900-1.5 and 1.8 respectively.
Note: This is not investment advice.
