CGPT
The price is moving within a descending channel on the 1-hour timeframe; it has reached the lower boundary and is poised for a rebound. A retest of this boundary is expected, supporting an upward move.
The Relative Strength Index (RSI) indicates a bearish trend, but an upward breakout is likely due to oversold conditions on the 1-hour chart.
There is initial support at 0.1834 acting as a preliminary support zone.
A key support zone (marked in green) exists at 0.01738; the price has bounced off this area multiple times, making it a strong support level.
The price is moving toward the 100-period moving average, which is within close range. This movement supports a rise.
Entry Price: 0.02019
Target 1: 0.02070
Target 2: 0.02122
Target 3: 0.02193
Stop Loss: At the green resistance zone.
Remember this simple rule: capital management.
If you have any questions, please leave a comment.
Thank you.
