refer similar chart pattern i had drawn to get an idea.
RajiRajendran
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@abardini,
generally trading above the median that is red line will be bullish without correction. if it breaks down the median line then support will be .382, .618 or the red band which is 0.236 to accumulate or buy some. refer similar chart pattern i had drawn to get an idea.
isellbitcoins
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wtf am I looking at? please help a dummy with some explanation thanks
its only fib levels with support and resistance. meaning is buy above support and if resistance is breached then target will be reached. now in this case its trading above target 8545
and also above the median that is red line. generally trading above the median will be bullish without correction. if it breaks down the median line then support will be .382, .618 or the red band which is 0.236 to accumulate or buy some. so you have to confirm it at your comfort. you can can use simple moving average 50 or 100 and trade accordingly if it is trading above or below sma.
nedrob
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@RajiRajendran, Do you think it will go any higher, or are you recommending getting taking profits?
refer similar chart pattern i had drawn to get an idea. in the gann box between 0.618-0.5 levels it is well traded and consolidated to throw up or down. but it is thrown up after consolidation and breached the resistance 0.236 in the fib channel. in the fib channel level 1 and 1.618 is considered as target for profit booking. in general if profit booking is more then expected volume then price will breach the median red line to accumulate at lower levels and it will move up for the target-1.
median plays the vital role to buy some more at lower levels.