$PERPUSDT- Buying at .226, Bounce Up, then final bottom at .068?
Two scenarios here.. but first!
First we touch the fibonacci extension down at .226
From there, I anticipate a bounce up to either the 38%, 50%, or 68% retrace levels of the inverse fib.
From there:
Scenario A: If the 88% level is broken, I think it's safe to say the bottom is in and PERP is now officially back in bullish territory.
Scenario B: If the 88% level is not broken & the price retraces, I think it falls to .068, and THEN at that point, the bearish pattern is broken. Unless another fibonacci sequence materializes somewhere in there.
I personally am leaning towards Scenario B, but I plan to buy the bounce at .226 regardless.
First we touch the fibonacci extension down at .226
From there, I anticipate a bounce up to either the 38%, 50%, or 68% retrace levels of the inverse fib.
From there:
Scenario A: If the 88% level is broken, I think it's safe to say the bottom is in and PERP is now officially back in bullish territory.
Scenario B: If the 88% level is not broken & the price retraces, I think it falls to .068, and THEN at that point, the bearish pattern is broken. Unless another fibonacci sequence materializes somewhere in there.
I personally am leaning towards Scenario B, but I plan to buy the bounce at .226 regardless.