AIONBTC | Trend Change | S/R Flip Re-test | Trade Setup
Today’s Chart – AIONBTC – Showing signs of a confirmed trend change, holding structural support will establish another higher low.
Points to consider:
- S/R flip at structural level
- Volume steadily declining
- Increased bull volume nodes
- Square-up at .5 Fibonacci resistance
- RSI bearish divergence
Currently trading above structural support, consolidating above this level further solidifying the S/R flip.
Increase in bull volume nodes is a healthy sign for the trend change and the evident decline in overall volume is an indication of an influx being imminent
AION’S technical target of .5 Fibonacci retracement is also in convergence with a square-up from a recent impulse move
The RSI has a valid bearish divergence, a sign that the local trend is weak and a retrace to structural support is likely with a probable confluence by the 100 EMA
Overall, in my opinion, a retrace to structural support validates a long trade to .5 Fibonacci resistance with defined risk below structural support.
Points to consider:
- S/R flip at structural level
- Volume steadily declining
- Increased bull volume nodes
- Square-up at .5 Fibonacci resistance
- RSI bearish divergence
Currently trading above structural support, consolidating above this level further solidifying the S/R flip.
Increase in bull volume nodes is a healthy sign for the trend change and the evident decline in overall volume is an indication of an influx being imminent
AION’S technical target of .5 Fibonacci retracement is also in convergence with a square-up from a recent impulse move
The RSI has a valid bearish divergence, a sign that the local trend is weak and a retrace to structural support is likely with a probable confluence by the 100 EMA
Overall, in my opinion, a retrace to structural support validates a long trade to .5 Fibonacci resistance with defined risk below structural support.
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