The market is currently in a downtrend and has hit support. It bounced off support but hasn't broken out of the descending flag pattern. A breakout of the descending flag would see the price retest the resistance at 23.6% and 38.2%.
Entry: 0.005
Target: 23.6% (0.005354) and 38.2% (0.005956) Fibonacci retracement.
Stop: 0.004189
This would be invalidated if the price breaks below the descending flag pattern and support
Entry: 0.005
Target: 23.6% (0.005354) and 38.2% (0.005956) Fibonacci retracement.
Stop: 0.004189
This would be invalidated if the price breaks below the descending flag pattern and support
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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.