This is a short term view of the last 7 days (the distance between two vertical dotted lines is 24 hours), after the first up swing the market retraced down to the fibonacci retracement of ~62% at 13.3$ and it’s rebouncing from there approaching to what i call the death zone represented by the 7/8 of the distance measured from the low point to the high point of the reference swing. In this case it would be the area around 14.4$.
I call it the Death Zone because this is where many promising new swings die an early death without going above the reference top.
I’m not going to buy here because of the negative overall scenario, but for who want to give a try i recommend to apply a tight stop loss if the fibonacci retracement fails to provide support.