tructure/Trend: From the 22nd to the 27th of August, the support was tested about three times and seemed strong at 0.00001376, from the 27th August to September 2nd, the Resistance seemed strong at 0.00001514. From the ending of August to the 5th of September 0.00001445 seemed to bring quich rebounds of a swift drop in price, but still this didnt form a major trend. From the 5th to 12th of September, there was a major downtrend in price, exactly after this, from the 12th till date (19th), there seemed to have been a price trend retesting Resistance at 0.00001076. There was a recent break of the trend though as price went higher than the current Resistance.
Hypothesis: Both the RSI and BB have shown a recent touch of the price bar of the upper band, which means a drop in price should happen at least leading to the 21st . As for the EMAs, the EMA (50) shows the price to be stable, the (200) shows the recent downtrend, both EMAs are above the price bars which means the price could drop at any moment, an uptrend is not very feasible right now.
Confirmation: If the analysis were to show the EMAs below the price bars, or if the price bar just recently hit Support or Lower Band, then a buy would have been very advisable. Until these uncertainties are passed by, then I advice no position be made just yet. The EMAs also look like they are about to cross paths which could mean also mean a price rise trend.
Targets: The Stop Loss is placed at the latest Support Line 0.00000996, and the TP is placed at a past retested Support level at 0.00001376. If the Market were to move in the direction of the TP, this would be a major price rebound as there has been major downtrend over the last month.
Hypothesis: Both the RSI and BB have shown a recent touch of the price bar of the upper band, which means a drop in price should happen at least leading to the 21st . As for the EMAs, the EMA (50) shows the price to be stable, the (200) shows the recent downtrend, both EMAs are above the price bars which means the price could drop at any moment, an uptrend is not very feasible right now.
Confirmation: If the analysis were to show the EMAs below the price bars, or if the price bar just recently hit Support or Lower Band, then a buy would have been very advisable. Until these uncertainties are passed by, then I advice no position be made just yet. The EMAs also look like they are about to cross paths which could mean also mean a price rise trend.
Targets: The Stop Loss is placed at the latest Support Line 0.00000996, and the TP is placed at a past retested Support level at 0.00001376. If the Market were to move in the direction of the TP, this would be a major price rebound as there has been major downtrend over the last month.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.