HAPPY NEW YEAR! and don't be disappointed for massive drops and/or excited excited for small gains recently!
But be prepaired for more rollercoaster up and downs.
We have seen below three strong support/resistance levels in 2018 and even 2017.
So these lecels should be watched carefully from now on:
$6200
this level was the main support for months, till it broke and the new downtrend started strongly. so in case of a reversal any time in 2019, this level will show a significant resistance.
If I buy at current levels, or lower, I will consider this level a safe place to cash out my profit and wait for a correction to buy back in.
$3750
This is where we are right now. above this level and anytime soon to retest it. it's a pivot point for our current weekly chart.
I rather watch this level for considering next up or down trend and don't take a serious position before a solid higher or lower to this level price.
$3150
if the current pivot breaks down, we can expect a retest to this level (honestly, I do expect that)
I have never seen a V pattern on testing a support level. I prefer to see a W or VVV :D
well I made them up! there are no such terms, but I mean a chart will test a level (support or resistance) more than once.
please comment your valuable knowledge
Thanks for your time and happy new year again.