- February 8, 2023
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
HEXUSDT is recovering from the extreme volatility of February 04-05, keeping the 1D MA200 (orange trend-line) intact. Despite a largely overbought 1D RSI, the last time we saw such a huge 2 day volatility was during May 27-28 2022. That proved out to be just a pause before a continuation of that bearish leg towards the bottom of the long-term Channel Down.
That bearish leg hit the 3.0 Fibonacci extension with ease. Since we are currently on a bullish leg since the start of the year, a Fib 3.0 continuation will take HEX as high as 0.1000. That is our medium-term target.