We can see price respecting that area on the fib level 61.80% and respecting my trend line if we go long can be for a quick buy. If it breaks my down trend line then looks good all the way up.
As we see from the chart based on 4H time frame we had a downtrend which then started consolidation. As you can see price hit my roof and floor multiple times during this consolidation which now leaves me to believe where price is now resisted my floor and looking to make its way up for a BUY.
As you can see price went from my Roof and stopped in my zone creating consolidation. marking up charts you will see 3 ways GJ can have an outcome however i do believe GJ will break my 50% on my Fibs and continue its way up
Its clear to see on the year 2013 we been having up trend price broke resistance on its way up then in 2016 price broke through the support line forming a down trend. Between 2017 upon 2020 you can see so far the market has been respected and now also creating Consolidation.
