The 2 colourful walls you see are the Fibonacci retracement targets. The left one drawn from the 20 high to the low, and the right one from the 11.8k area that we held for a week or 2 last month.
Whether they work because, a mass of humans making emotional decisions are predictable, or because enough traders think they work, I am not sure. But you will regularly find bounces around key fib supports.
My marco plan for this year is to sell all near 20k and then buy heavy if it breaks above, as I think if it does it will be the start (middle) of a bull run to 50k+ (no real upper limit). But as I bought heavy in 7.5 to 8.5 range, I need to reduce position before 20k.
9.6k and 10.k
7.5-11.8 50% and 61.8% fibs, only small sells to deleverage myself.
The 100D MA, it held the price up for nearly 2 weeks in the drop and I expect it to be equally troublesome on the way up. In fact if we get a strong rejection of it we may be in for further falls.
13.5k and 15k
7.5-20 50% and 61.8% fibs. While the other I expect to hit in the next week or so, the timeframe on these are months.
Thanks for reading.
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