just and IDEA ( HIFI )
Updated
HIFI - 1D
After a rejection around 1.30, we moved down to 0.60. However, the good thing is we didn't make any new low. After that, the price got into a range box between 0.71 to 0.89 for almost 2 months. Volume has been relatively low, indicating that this area is no longer interesting for buyers or sellers.
Right now, we are in the middle of the range box, and the 200 EMA is currently acting as dynamic support around the 0.8 level. The price is hovering around this area, indicating a critical support zone.
Additionally, there seems to be a symmetrical triangle forming, with a lower boundary (uptrend line) and an upper trendline. The price is consolidating within this triangle, indicating a potential breakout soon. The breakout direction is uncertain, but typically, the pattern suggests a continuation of the previous trend before the consolidation.
RSI is Approximately around 47.77, which is neutral (neither overbought nor oversold). The trend line in the RSI seems to act as support, and we are forming higher lows. As long as we maintain that trend line and don't fall below it, I think we are in good shape.
Bullish Scenario:
If the price breaks above the 0.8797 resistance, it could test higher resistance levels at 1.3067 and 1.52.
A successful breakout above the symmetrical triangle pattern, supported by increased volume, would confirm this bullish move.
Bearish Scenario:
If the price falls below the immediate support at 0.80, it could test lower support levels at 0.7110 and further down to 0.6040.
A breakdown below the symmetrical triangle pattern, supported by increased volume, would confirm this bearish move and could potentially see lower price.
Conclusion:
The price is currently consolidating within a symmetrical triangle pattern near a critical support level at the 200 EMA. The RSI is neutral but showing a potential bullish divergence with higher lows. A breakout in either direction could signal the next significant move. Traders should watch for a confirmed breakout with volume for clearer direction.
let me know what you think please.
After a rejection around 1.30, we moved down to 0.60. However, the good thing is we didn't make any new low. After that, the price got into a range box between 0.71 to 0.89 for almost 2 months. Volume has been relatively low, indicating that this area is no longer interesting for buyers or sellers.
Right now, we are in the middle of the range box, and the 200 EMA is currently acting as dynamic support around the 0.8 level. The price is hovering around this area, indicating a critical support zone.
Additionally, there seems to be a symmetrical triangle forming, with a lower boundary (uptrend line) and an upper trendline. The price is consolidating within this triangle, indicating a potential breakout soon. The breakout direction is uncertain, but typically, the pattern suggests a continuation of the previous trend before the consolidation.
RSI is Approximately around 47.77, which is neutral (neither overbought nor oversold). The trend line in the RSI seems to act as support, and we are forming higher lows. As long as we maintain that trend line and don't fall below it, I think we are in good shape.
Bullish Scenario:
If the price breaks above the 0.8797 resistance, it could test higher resistance levels at 1.3067 and 1.52.
A successful breakout above the symmetrical triangle pattern, supported by increased volume, would confirm this bullish move.
Bearish Scenario:
If the price falls below the immediate support at 0.80, it could test lower support levels at 0.7110 and further down to 0.6040.
A breakdown below the symmetrical triangle pattern, supported by increased volume, would confirm this bearish move and could potentially see lower price.
Conclusion:
The price is currently consolidating within a symmetrical triangle pattern near a critical support level at the 200 EMA. The RSI is neutral but showing a potential bullish divergence with higher lows. A breakout in either direction could signal the next significant move. Traders should watch for a confirmed breakout with volume for clearer direction.
let me know what you think please.
Trade active
Bearish scenario activated as we broke through the EMA 200, closing below it initially. Additionally, we breached the bottom of the trading range, closing below 71.10. Now, it's likely to reach 0.6040, but confirmation is needed. Once there, we must observe its reaction and decide accordingly.Trade active
As mentioned before, the bearish scenario has been activated and we saw the target at 0.6048, which was also the target of our range box. Now, we are in a support area that can help us. Meanwhile, our RSI is also on its trend line and still making higher lows. We must watch to see if the RSI can maintain this trend line. If we see a breakout in the RSI to the downside, it will be an alert that this 0.6048 static trend line probably cannot save us, and we will see lower prices around 0.54.
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