On HTF, a descending wedge can be observed.
We have not reached the lower lines of the wedge yet, and I also do not see oversold conditions according to the RSI. I expect a bounce on smaller timeframes, followed by a subsequent price drop.
There is a higher probability that we will soon see a price of $4.72 per coin. It may even go lower if support breaks. Considering the situation in the cryptocurrency market, I would consider long-term purchases.
However, if we see the return of the price to $13.74 from the current levels, and depending on the situation with Bitcoin, Dominance etc, I will consider going long until the upper level of the wedge at $17.61
Where I will see whether to continue holding the long position or to look for a short entry.
Personally, I expect a continuation of the dump.
We have not reached the lower lines of the wedge yet, and I also do not see oversold conditions according to the RSI. I expect a bounce on smaller timeframes, followed by a subsequent price drop.
There is a higher probability that we will soon see a price of $4.72 per coin. It may even go lower if support breaks. Considering the situation in the cryptocurrency market, I would consider long-term purchases.
However, if we see the return of the price to $13.74 from the current levels, and depending on the situation with Bitcoin, Dominance etc, I will consider going long until the upper level of the wedge at $17.61
Where I will see whether to continue holding the long position or to look for a short entry.
Personally, I expect a continuation of the dump.
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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.
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.