I shared my TA before when the price was at the top of the channel and told you that we will see a major correction from there.
Now, here we are, experiencing almost 65% correction. The channel's midline couldn't act as a support to hold the price and now the next support is Fib. 0.786 level.
However, I think this Fib. level cannot hold the price too and we will probably see the price will test the bottom of the channel.
But what is important here is that the last swing low level on the weekly chart (the white arrow) is around $0.0254, just above the Fib. 0.786 level. If the price closes below this level, the long-term bullish structure is invalidated and we would see more downtrend.
Anyway, I will start buying around the Fib.0.88 level which is the bottom of the channel too.
Let me know your idea in the comments and let's learn and trade together!
Cheers!
Mr. CryptoTracker
Now, here we are, experiencing almost 65% correction. The channel's midline couldn't act as a support to hold the price and now the next support is Fib. 0.786 level.
However, I think this Fib. level cannot hold the price too and we will probably see the price will test the bottom of the channel.
But what is important here is that the last swing low level on the weekly chart (the white arrow) is around $0.0254, just above the Fib. 0.786 level. If the price closes below this level, the long-term bullish structure is invalidated and we would see more downtrend.
Anyway, I will start buying around the Fib.0.88 level which is the bottom of the channel too.
Let me know your idea in the comments and let's learn and trade together!
Cheers!
Mr. CryptoTracker
Mr. CryptoTracker