Price tested 0.0526 and retreated. S1 @ 0.054 is the decision line.
SCENARIO 1: Price breaks above (X1), I’ll have a tight stop at 0.050, as S1 is solid Support/Resistance.
SCENARIO 2: Price bounces down off S1 , I’ll look for an entry between the 50 and 61.8 fibs after a test and rebound. If it looks like a double-top (X2b), I’ll exit for 20%-25% profit.
SCENARIO 3: Price bounces down off S1, I’ll look for an entry between the 50 and 61.8 fibs after a test and rebound; and if price breaks through S1, I’ll continue the ride and take profits along the way
IMO, with OBV leveling and a bearish divergence in RSI, Scenario 2 or 3 will play out, as right now volume and underlying price structure don’t support a breakthrough of S1. For now.
SCENARIO 1: Price breaks above (X1), I’ll have a tight stop at 0.050, as S1 is solid Support/Resistance.
SCENARIO 2: Price bounces down off S1 , I’ll look for an entry between the 50 and 61.8 fibs after a test and rebound. If it looks like a double-top (X2b), I’ll exit for 20%-25% profit.
SCENARIO 3: Price bounces down off S1, I’ll look for an entry between the 50 and 61.8 fibs after a test and rebound; and if price breaks through S1, I’ll continue the ride and take profits along the way
IMO, with OBV leveling and a bearish divergence in RSI, Scenario 2 or 3 will play out, as right now volume and underlying price structure don’t support a breakthrough of S1. For now.