Everyone draws their support and resistence lines differently, this is my channel of support and resistence. As long as multiple buttoms and tops touch the channel, it's as good as anybody elses guess.
What's important is to look at where this price is compared to the previous weeks candle. The fibonacci I drew is from the Low to High of last week. So these fibo numbers are only for previous weeks price action. And It seems the price has hit 618 and 5. It seems that the price will retrace upwards by the end of the week. Or the price might stay here, or it might drop to the near low of previous weeks open.
So our options then: All involve waiting.
Doji option
We wait for the near end of the week, creating a doji/hammer. we then sell 25% of our previous buy. at 195$ we are looking for a reversal. Wait for a reversal down, unless it explodes past 200, which is a good thing because then we can take out profits and sell 25% of all bsv holdings. We then formulate a new plan.
Consolidation Option
We wait and see what it does at 170 range and formulate a new plan. Maybe keep this exact same plan.
Down to 150 range Option
We wait and see if it goes back down to 150 range area to purchase in some new 25%-50% of funds left to from previous sale.
Cheers everyone. Stay safe out there.
What's important is to look at where this price is compared to the previous weeks candle. The fibonacci I drew is from the Low to High of last week. So these fibo numbers are only for previous weeks price action. And It seems the price has hit 618 and 5. It seems that the price will retrace upwards by the end of the week. Or the price might stay here, or it might drop to the near low of previous weeks open.
So our options then: All involve waiting.
Doji option
We wait for the near end of the week, creating a doji/hammer. we then sell 25% of our previous buy. at 195$ we are looking for a reversal. Wait for a reversal down, unless it explodes past 200, which is a good thing because then we can take out profits and sell 25% of all bsv holdings. We then formulate a new plan.
Consolidation Option
We wait and see what it does at 170 range and formulate a new plan. Maybe keep this exact same plan.
Down to 150 range Option
We wait and see if it goes back down to 150 range area to purchase in some new 25%-50% of funds left to from previous sale.
Cheers everyone. Stay safe out there.
