The price is moving within a descending channel on the one-hour timeframe and has hit the lower boundary. It's primed for a bounce and is expected to retest that boundary.
The Relative Strength Index (RSI) is signaling a bearish trend, and it’s likely to continue given the overbought conditions.
There's a major support zone in green at 0.004650. The price has bounced off this zone multiple times, making it a strong support level.
The price is heading towards the 100-period moving average, which we're getting close to. This trend supports a bullish movement.
Entry price: 0.005380
Target 1: 0.005592
Target 2: 0.005811
Target 3: 0.006072
Stop loss: at the green resistance zone
Remember this simple rule: money management.
Do you have any questions? Please leave a comment.
Thank you.
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