So the question is, do the Bears still have the narrative? On a 15m chart we can see a paragraph of a new narrative developing. What price action is saying is that for now we have found a floor. I stress 'for now'. Volume has dropped off which means there is little interest in selling at this level.
On a 30m chart we can assume that we at least have seen a three wave move to the downside which means that price will rise from here at least to around 2.45 which I have indicated by the blue line. We will have a better idea which way it will go from there once we get there.
Glad $2 seems to be it's new support level.
Where did you learn to do technical analysis?
I learned Gann techniques through reading WD Gann's books and from the Gann Institute, Fibonacci analysis from Carolyn Boroden, Elliott Wave from Todd Gordon and Anil Mangal, Trend Channel Analysis and Trade Box analysis from various floor traders and day traders. Ichimoku, Renko, & Point & Figure charting can be learned online. Chart pattern formations and candles are standard with lots of supporting info out there. To get a good grip on some of the harder methods I always recommend that new traders subscribe to Carolyn or Todd to get a foundation in what TA is all about.
Thank you for this info! I followed and upvoted. Thank you for contributing to the steem network brotha! Keep learning and growing everyday!
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