The price is moving within a descending channel on the hourly timeframe; it has reached the lower limit and is ready to bounce. A retest of this level is expected, which supports an upward move.
The Relative Strength Index (RSI) indicates a bearish trend, but a bullish breakout is likely due to oversold conditions on the hourly chart.
There is initial support at 0.1834, acting as a preliminary support zone.
There is a main support zone (marked in green) at 0.01738; the price has bounced from this zone several times, making it a strong support level.
The price is moving toward its 100-period moving average, and itโs within a very close range. This movement supports the occurrence of an upward move.
Entry price: 0.02019
Target 1: 0.02070
Target 2: 0.02122
Target 3: 0.02193
Stop loss: at the green resistance area.
Remember this simple rule: capital management.
If you have any questions, please leave a comment.
Thank you.
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