After breaking out day bar triangle, price has reached short term pressure 11500, there is a retracement and price has reached the fib 0.786 to test this support.
there will be two scenarios
situation 1: if 11300 is strong enough, then after a short term of accumulation, price will try to reach 117xx which will be the upper line of 4h channel-up. There will be a high chance that a divergence will happen at that time. but we can not ignore the possibility of break-out of 11700.(nothing is impossible, but from my perspective, the possibility will be super low)
situation 2: if 11300 is not strong enough, the price will try to find the closest support 11150 (fib 0.618, also the ), it would be a strong support. and keeping going up.
let's wait and see, breaking 12xxx(highest this year) will be the goal for the breakout this time, but not now. please be careful for any retracement, or even slump caused by any unpredictable situation.
there will be two scenarios
situation 1: if 11300 is strong enough, then after a short term of accumulation, price will try to reach 117xx which will be the upper line of 4h channel-up. There will be a high chance that a divergence will happen at that time. but we can not ignore the possibility of break-out of 11700.(nothing is impossible, but from my perspective, the possibility will be super low)
situation 2: if 11300 is not strong enough, the price will try to find the closest support 11150 (fib 0.618, also the ), it would be a strong support. and keeping going up.
let's wait and see, breaking 12xxx(highest this year) will be the goal for the breakout this time, but not now. please be careful for any retracement, or even slump caused by any unpredictable situation.
Note
follow the scenario 1, target will be 108xx. but it seems to be a little strange. so I will close the trade when it reaches 11000.Trade closed manually
To keep the profit, close the trade at 11300. Market seems to be a little strange since the price goes up and down sharply.
but still target is moving up. wait until clear trend shows.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.