RLC is currently finding support at the parallel channel, looks to be rounding off on smaller time frames. Good candidate for the bottom before another impulse. Should see a break of this wedge within the day.
Second candidate for the bottom is the lower green box. Confluence of 1:1 extension of A and .618-.65 fib retracement, and makes a cleaner looking wedge, but I don't think there's enough to shake us out to get down there.
This is of course why we ladder our buys...
Second candidate for the bottom is the lower green box. Confluence of 1:1 extension of A and .618-.65 fib retracement, and makes a cleaner looking wedge, but I don't think there's enough to shake us out to get down there.
This is of course why we ladder our buys...
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Bigger picture
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Came down to second target, strong reaction off the .65 fib. We'll see if it's just a relief rally or the pivot low...
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Out of my positions on the retest if 6.5k btc breaks to reevaluateTrade closed manually
Fell out of channel, tested target box with a wick and was rejectedOut until something changes
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Declining sell strength going into a demand zone, buying down to ~.000105 for what I think will be a decent bounce, will add more in the green boxes below if this level doesn't hold (as BTC possibly drops to ~5.5k)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.