(XVS)VENUS 61.8 RETRACE☑️ WHAT NEXT?
In our last Venus analysis, we talked about how price could drop all the way down to the 61.8% fib support level as shown below
Now that we have reached that level, the question is what happens next?
In addition to the Uptrend channel we constructed last time, price managed to sneak in a downtrend channel as well which went unnoticed in our previous analysis.
A safe entry would be to wait for price to break the downtrend channel back into the uptrend channel and make a retest before buying, or to wait for a 2nd test of support of the downtrend channel ifyou havent gotten in already.
We also added an update to our original analysis citing that we could bottom at the 123.6 fib region with the 161.8 being the worst case scenario as shown below
Have your stops below the 161.8 region and HODL
First target- Previous ATH
2nd Target- 1.382 fib resistance
3rd Target- .1.618 fib resistance
If you agree pls leave a like and share your thoughts in the comments as well
Always manage your risks.
Now that we have reached that level, the question is what happens next?
In addition to the Uptrend channel we constructed last time, price managed to sneak in a downtrend channel as well which went unnoticed in our previous analysis.
A safe entry would be to wait for price to break the downtrend channel back into the uptrend channel and make a retest before buying, or to wait for a 2nd test of support of the downtrend channel ifyou havent gotten in already.
We also added an update to our original analysis citing that we could bottom at the 123.6 fib region with the 161.8 being the worst case scenario as shown below
Have your stops below the 161.8 region and HODL
First target- Previous ATH
2nd Target- 1.382 fib resistance
3rd Target- .1.618 fib resistance
If you agree pls leave a like and share your thoughts in the comments as well
Always manage your risks.
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