The price is moving inside a descending channel on the 1-hour time frame and has reached the minimum. It is now ready for a bounce and is expected to retest this limit.
The Relative Strength Index (RSI) indicates a downtrend, which is likely to continue under overbought conditions.
A major support area (green) is at 0.00003000. 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: 0.00003510
First target: 0.00003718
Second goal: 0.00003962
Third goal: 0.00004242
You can stop at the first and second targets and close below them, or continue towards the third target. Stop loss: at the resistance area (green).
Remember this simple rule: manage money.
Any questions? Please leave a comment.
Thank you.
