Two important resistances to the uptrend
In the daily time frame, we see the formation of a zigzag pattern, and after the price correction, we have an increasing trend.
In the rectangle we have the daily pivot chart to which the price has reacted several times, so I see the first important resistance in the range of 0.34 to 0.35. This resistance is the resistance of 1 trend-based fibo and 2.618 qibunchi and the end of the uptrend of the zigzag pattern. And so I expect the price reaction in this range.
The next important resistance in case of failure is 1.618 trend-based fibo and 2.618 fibo and the end of the daily pivot, as well as the resistance of the rand number in the range of $ 0.4.
But if I react to the first resistance, I expect it to fall to $ 0.32.
Your opinion is very important to me.
In the rectangle we have the daily pivot chart to which the price has reacted several times, so I see the first important resistance in the range of 0.34 to 0.35. This resistance is the resistance of 1 trend-based fibo and 2.618 qibunchi and the end of the uptrend of the zigzag pattern. And so I expect the price reaction in this range.
The next important resistance in case of failure is 1.618 trend-based fibo and 2.618 fibo and the end of the daily pivot, as well as the resistance of the rand number in the range of $ 0.4.
But if I react to the first resistance, I expect it to fall to $ 0.32.
Your opinion is very important to me.
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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.