This coin has correctes 61.8% now of the bull-move that started on april first. This percentage is considered the last Fibonacci level where a countermove can be called a correction. Bulls have defended this level (around 542) and a hammer appeard on this daily chart.
A hammer (market opens, tests lower prices but closes close to the opneing again) could be a bottom sign. In this market however hammers do not have a good track recored recently (see arrows). It should be noted that context is important; chances get better if a good downmove was seen before. Also, to better chances, a close above the high of the hammer is needed (above 609 in this case).
With the 61.8% correction in mind and the fact that the low end of the bearchannel has been tested, once could see a try to return north short-term. But as always, the string of lower highs and lows has to be broken in order to shift momentum, in this case a move over 750, pretty far away for now.
For now it is likely to see one more hammer test where market could hit 555/542 once more whereafter a move to the top end of the bearchannel can be seen (mid 600's).
A hammer (market opens, tests lower prices but closes close to the opneing again) could be a bottom sign. In this market however hammers do not have a good track recored recently (see arrows). It should be noted that context is important; chances get better if a good downmove was seen before. Also, to better chances, a close above the high of the hammer is needed (above 609 in this case).
With the 61.8% correction in mind and the fact that the low end of the bearchannel has been tested, once could see a try to return north short-term. But as always, the string of lower highs and lows has to be broken in order to shift momentum, in this case a move over 750, pretty far away for now.
For now it is likely to see one more hammer test where market could hit 555/542 once more whereafter a move to the top end of the bearchannel can be seen (mid 600's).
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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.