Idea is for personal use.
Don't have much evidence to support this idea, just a scenario that could play out.
My thought is, since price left 4200 so fast in one long green candle, there is a good chance a large supply of buy orders sit around that price.
The retracement to this zone could happen quickly, or take months. I, personally, am waiting to buy more around this area. I will be sad if I'm wrong and price continues to rise from where it's at and never come back, but in that situation I will wait for a pull back and determine a good price to get in then.
A longer fib line from the last low also shows the .618 retracement line match up nicely with the open of the large candle.
Don't have much evidence to support this idea, just a scenario that could play out.
My thought is, since price left 4200 so fast in one long green candle, there is a good chance a large supply of buy orders sit around that price.
The retracement to this zone could happen quickly, or take months. I, personally, am waiting to buy more around this area. I will be sad if I'm wrong and price continues to rise from where it's at and never come back, but in that situation I will wait for a pull back and determine a good price to get in then.
A longer fib line from the last low also shows the .618 retracement line match up nicely with the open of the large candle.
Commento:
Added a 50 week Moving average and a 200 week Moving Average (350 period, 1400 period on the daily). Price reacts to this lines strongly. Something to keep an eye on.
