Okay, so this is a bit of a late post but the analysis is great and this is an easy, lemon-squeezy set up, so i figured I should post it regardless,
Price has broken out of it's daily descending channel and as we know, after momentum comes exhaustion or a corrective structure, which is what we've got here. Price retraced to retest broken resistance as new support + the trendline and this is all confluent with a fib level.
Price has broken out of it's daily descending channel and as we know, after momentum comes exhaustion or a corrective structure, which is what we've got here. Price retraced to retest broken resistance as new support + the trendline and this is all confluent with a fib level.
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