Interesting Fibonacci layout
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Seems like API3 might be following these fibs, if bulls pull trough I think we can go up to around 9 before another retracement - or it could just all go down and completely invalidate the structure, just putting this out there.
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Watching this closely, hoping for more support at this 1.618 level. If this breaks we're looking at a downside of about another 5% with the next support level being around $7.1 - 7.2. As of the time of writing this J Powell is live speaking on inflation and how the war is affecting the economy and this always slows down markets for a bit. The dow jones is up almost 2% since market open so I'm hoping cryptos will bounce back up as well! My avg entry for this position is a bit below 7.8, I thought about buying more at these levels but I will just hold on in case we drop to that next support level.
Nota
Just wanted to put this out there to show the beauty of fibonacci retracements, this is the 30min and 5min chart side by side almost perfectly respecting the fibs(and it always happens). There's literally no right or wrong way to set this up as long as you can find a pattern, I really enjoy gauging targets like this!
Nota
This is what I'm thinking possible support levels could be, I thought about selling after last night's rally for a small profit because markets are extremely volatile but I got greedy so here we are. I think there is strong support around all these areas and I'm adding a small amount at this $7.2 level just in case we bounce right off, but keeping cash and adding more at $6.7 - 6.9 if we get there. I'm stubborn and bullish on API3 so I don't mind holding the shares even if they go lower, but I really think we can get a nice bounce, I lowered my cost basis for the trade to 7.6
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