The price is moving inside a descending channel on the hourly time frame. It has reached the minimum and is heading towards a rebound. These limits are expected to be retested.
The Relative Strength Index (RSI) is indicating a downtrend, and this trend is likely to continue due to an overbought condition.
A major support area is identified in green at 0.03463. The price has bounced from this area several times, making it a strong support level.
The price is heading towards the 100 period moving average, which we are getting close to. This trend supports the upward movement.
Entry price: 0.04130
First target: 0.04216
Second target: 0.04451
Third goal: 0.04760
You can close at the second target or wait for the third target to be reached. The choice is yours.
Stop loss: at the resistance area in green.
Remember this simple rule: manage money.
Any questions? Please leave a comment.
Thank you.
