So if we take the Fibonacci here and we move it to the low of the flagpole, just to see where the 50% retracement could be. I just don’t know exactly. Do we go with this? Or do we go with that?
Where do we say it starts?
Maybe here was really clear. So if we assume this is where the flag started, going to move in and we can take a look at where the 50% retracement level is. And this is an important to understand that this retracement shouldn’t go below at least the 50% retracement if I zoom in a little bit more a bit hard to see.
But yeah, the 50% retracement is 184. So we don’t want to go let the price go below 184. And if actually, if we have a look, if we have a look at this chart here at the moment and the daily charts, we can see that overnight Actually, this price went down to 185.
And that bounced off. So it indicates hopefully the 185 is a very important one, or you know 184 nine, you know in that range. But pretty much what the retracement level tells us it’s 185 if we have a bull flag, and we want that validated, we shouldn’t see the price dropping below 185.
So that’s my next target. We have seen that already. 187 exactly here, as it says on the daily. So we haven’t been there quite yet. I hope this will play out as a bull flag because it indicates that the buyers are still strong, the sellers are weaker. And if we have that bull flag forming what it essentially means from you know understanding the storyline is people are taking profits here
then other people start to sell who are worried. So I am not selling but people might sell if they are worried. And then it hits that 50% retracement, that’s a signal for many buyers again to get back into the market.
And then with momentum, we always want to see momentum as well we want to see the price and volume to come in. So that allows us to go above this top resistance line which is the 225 line that we didn’t get through so far. So interesting.
I think at the moment, this is a bullish pattern. Okay. And I hope that will play out like that, of course update you throughout the day.
Really good sign though, a really good sign is and I need to move that back down here to the low. A really good sign is that we are now above the 195 level here again. That’s nice to see. Because the 195 pretty much 196 is this point 236 retracement level.
And that is nice because that means it’s the first Fibonacci retracement level I also talked about in yesterday evening’s video, where I said this is like the first retracement level. And if we can keep above that, it indicates the sellers aren’t very strong.
And that could indicate the continuation as well of that move. So we could get something like that continuation, or even like that, you know, whatever, something like that, that could lead us to new all time highs. One more reason why I believe I mean, we need to bear in mind the moving averages are still down here. So they are quite far away.
They can’t really offer a lot of support at the moment. If we were to drop to this, it would be below 170 would be something like 165 not really good. If I take a look at the volume, it’s dropping now a little bit. So that’s normal, obviously in a consultation, good sign, the RSI is increasing a little bit again. So shows a bit of an increase in momentum.
The MACD is still bullish, we might be seeing a move to the into the red zone, but I’m not sure yet it still looks green. And the chaiken money flow is good as well. So it means buying pressure building up. On the weekly I showed you yesterday, we have also that bullish cross on the MACD, which makes me think that this only is short term consolidation.
And overall, guys, fundamentally, nothing has changed. We are still looking for the hard fork, you know, we are waiting for it. And that’s why fundamentally nothing has really changed. What I want to show you again, is this. And this is obviously before the last hard fork, where we need to see we moved up and that just might want to make it a little bit clearer.
Because prices were different back then we guys we had something very similar bootleg, or something like a bull flag as well. It looked a bit different, more like a triangle, which we don’t have now. I think we have something like a bull flag, like a channel like that.
Yeah. And but that wasn’t a bull flag, because it looked similar. But the last one he wasn’t a bull flag and it was invalidated because as you can see it wasn’t a blue flag. Because we were traced more than the 50% from this flagpole. But that’s when the sideways move started.
But as long as we were in this uptrend here before the long before the marry hard fork, sorry. Before the very hard fork, we saw something very similar. And then as we hit this, let’s just see. Just for fun, what retracement was here from if we just say that could have been a it could have been a flag. But it’s also a bit tricky to spot where to start.
Possibly here. Or even here. Let’s just start here. That’s the most clear flagpole for me. So I normally go to the top here to the very top. So there we actually retrace back to the point 618. Okay, so indicate by we can also start here.
So it’s always you know, where do you start? What do you think makes sense most. If we say we started here, and the flag started forming here, which probably is a good color because this or here even because this is when the whole momentum started to to start, you know,
and here we also hit that 236 Fibonacci retracement level what we have seen now that provided then support pretty much very clearly or very similar to what we see now. So yeah, I’m extremely, extremely bullish still.
There are always these these corrections can happen. And it’s important to know how to interpret them. This doesn’t mean it needs to be a bull flag. There’s always anything can happen at any time, but it is likely for me.
And as long as we stay above that 195 or at least the 185 level which we are doing at the moment. We I’m waiting for the new all time high. Okay, so hopefully you like that update. There’ll be an update later today. And I hope you like these updates.
I know you do. And I hope Yeah, please hit the like button and subscribe if you want to follow me on this crypto journey. Thanks a lot for watching and see you in the next video. Bye