A fibonacci Fan correctly suggests that this wave has lost steam.
We are in the channel between the 0.75 and 1 line.
At the moment breaking the base line is quite unlikely given we had an incredible moemntum until now.
A more likely scenario is a retrace to around 10400 and then quite probably higher.
Fundamentals are strong to justify a continued rally.
With more data in the following hours/days techincal analysis can be more accurate.
At the moment to track momentum could be useful to utilize Bollinger Bands.
Indicator wise:
- Stoch RSI approaching oversold territory
- RSI oversold
- CCI showing a bearish divergence
This suggests that we have not much more momentum left to continue over 11,000 with a solid pierce over this price.
Trade safe.
We are in the channel between the 0.75 and 1 line.
At the moment breaking the base line is quite unlikely given we had an incredible moemntum until now.
A more likely scenario is a retrace to around 10400 and then quite probably higher.
Fundamentals are strong to justify a continued rally.
With more data in the following hours/days techincal analysis can be more accurate.
At the moment to track momentum could be useful to utilize Bollinger Bands.
Indicator wise:
- Stoch RSI approaching oversold territory
- RSI oversold
- CCI showing a bearish divergence
This suggests that we have not much more momentum left to continue over 11,000 with a solid pierce over this price.
Trade safe.
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