$MAGMA 24-hour low, current price 0.3428, previous low 0.3436.
After making a new low, there are three common patterns:
① It bounces to the previous low and gets pushed back down: the decline continues
② It repeatedly fluctuates around the previous low: consolidation while waiting for direction
③ It quickly reclaims the previous low and holds above it: a false breakdown
It is currently below the previous low; watch to see whether it follows pattern ① or ②.
#MAGMA
Just a market update; please make your own trading decisions.
After making a new low, there are three common patterns:
① It bounces to the previous low and gets pushed back down: the decline continues
② It repeatedly fluctuates around the previous low: consolidation while waiting for direction
③ It quickly reclaims the previous low and holds above it: a false breakdown
It is currently below the previous low; watch to see whether it follows pattern ① or ②.
#MAGMA
Just a market update; please make your own trading decisions.