Long term consolidation at range lows with a break to the upside
Currently we have experienced a long term consolidation of the range lows.
This consolidation has had a breakout towards the upside. We are now retesting the new support line which also has aligned nicely to the 0.702 fib which is the bottom of my buy zone.
I DO NOT expect us to hit this fib level however regardless if we do hit it, I expect a nice bounce from this level. I would start DCA into this position as I believe over the coming months we are going to see a very nice bounce towards the $18-$20 price range.
This consolidation has had a breakout towards the upside. We are now retesting the new support line which also has aligned nicely to the 0.702 fib which is the bottom of my buy zone.
I DO NOT expect us to hit this fib level however regardless if we do hit it, I expect a nice bounce from this level. I would start DCA into this position as I believe over the coming months we are going to see a very nice bounce towards the $18-$20 price range.
Комментарий:
We have fallen out of the pump zone and back into the consolidation range. I would expect that this range will continue to trade sideways. I am still a buyer at these levels as this is still in my fib zone. If we consolidate below the highlighted box I would exit my position and take the loss as we have broken the consolidation range.