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TECHNICAL ANALYSIS:
Since December, the price started following a clear descending channel, many bounces on the dynamic support level confirmed this channel.
At the end of December, the price reached a daily resistance zone at about 0.90882, getting a strong rejection and it also failed the second attempt happended during the first week of January.
The price actually reached an important area for two reasons, the first one is the dynamic channel's support and the second reason is about the weekly secondary trendline, that previously rejected the price three times. The next price action is essential to understand the next market's movement.
CONCLUSION:
I believe the price will get a trend correction, trying to reach the next resistance level. The volatility is actually high and the price overbought, that is essential to know in this specific moment.
IF THE PRICE will clearly bounce on the support level, we could get a great long opportunity, my first target is around the level 0.89900 and eventually the price will continue the uptrend I'll hold my position until the next resistance zone at about 0.90900.
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
TECHNICAL ANALYSIS:
Since December, the price started following a clear descending channel, many bounces on the dynamic support level confirmed this channel.
At the end of December, the price reached a daily resistance zone at about 0.90882, getting a strong rejection and it also failed the second attempt happended during the first week of January.
The price actually reached an important area for two reasons, the first one is the dynamic channel's support and the second reason is about the weekly secondary trendline, that previously rejected the price three times. The next price action is essential to understand the next market's movement.
CONCLUSION:
I believe the price will get a trend correction, trying to reach the next resistance level. The volatility is actually high and the price overbought, that is essential to know in this specific moment.
IF THE PRICE will clearly bounce on the support level, we could get a great long opportunity, my first target is around the level 0.89900 and eventually the price will continue the uptrend I'll hold my position until the next resistance zone at about 0.90900.
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
If the price will confirm the rejection, a Long Position could be a great opportunity!