Looking on the daily timeframe, we've seen a clear downtrend from the $2.24ish highs, with price respecting this descending trendline for months. However, we might be approaching a significant reversal opportunity.
If price can close decisively above the trendline, this could trigger a significant rally targeting the $1.00 psychological level first, with potential to reach the $1.05-$1.12 zone.
Entry strategy:
Stop loss below recent low at $0.46
First target: $1.00
Second target: $1.12
If price can close decisively above the trendline, this could trigger a significant rally targeting the $1.00 psychological level first, with potential to reach the $1.05-$1.12 zone.
Entry strategy:
Stop loss below recent low at $0.46
First target: $1.00
Second target: $1.12
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.
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.