$MARSCOIN Wait and see. This chart looks far too weak—don't rush in to catch a falling knife.
On the 1-hour chart, the price has plunged from 0.1178 to 0.0959. The Bollinger Bands are opening downward, and the middle band (0.0978) has become clear short-term resistance. The price is now grinding along the lower band (0.0922). Although the MACD histogram bars are shrinking and a golden cross is close, both lines are still below the zero line. This means bearish momentum is merely weakening; it does not mean the bulls have reversed the trend.
The current price level is awkward. If you short, you're too close to support at the lower band, so a rebound could easily stop you out. If you go long, the price hasn't reclaimed the middle band, so you'd simply be catching a falling knife against the trend.
When should you act? Wait for the price to reclaim and hold above the middle band at 0.098 on increased volume before considering a small long position, with the upper Bollinger Band at 0.103 as the target. Set your defensive stop at 0.092. If a solid bearish candle breaks straight through the lower band, that would signal the downtrend is continuing, so expect new lows.
Right now, there's no volume and no clear setup. Watch more and trade less.
On the 1-hour chart, the price has plunged from 0.1178 to 0.0959. The Bollinger Bands are opening downward, and the middle band (0.0978) has become clear short-term resistance. The price is now grinding along the lower band (0.0922). Although the MACD histogram bars are shrinking and a golden cross is close, both lines are still below the zero line. This means bearish momentum is merely weakening; it does not mean the bulls have reversed the trend.
The current price level is awkward. If you short, you're too close to support at the lower band, so a rebound could easily stop you out. If you go long, the price hasn't reclaimed the middle band, so you'd simply be catching a falling knife against the trend.
When should you act? Wait for the price to reclaim and hold above the middle band at 0.098 on increased volume before considering a small long position, with the upper Bollinger Band at 0.103 as the target. Set your defensive stop at 0.092. If a solid bearish candle breaks straight through the lower band, that would signal the downtrend is continuing, so expect new lows.
Right now, there's no volume and no clear setup. Watch more and trade less.