Updated
SRM daily support broken
As SRM closed below its daily support, we will probably see even more downside in the near future. I see 3 potential scenarios.
1 (purple): The RSI & horizontal support at 3.867 holds and with much volume, we get back into the previous support zone
2 (green): The RSI & horizontal support at 3.867 holds, but we get rejected on the retest of the diagonal resistance line before we see even more downside. Then we will probably see prices like ~2.384.
3 (orange): The RSI and horizontal support at 3.867 do not hold, and we will more or less directly see prices like ~2.384.
I think scenario 2 (green) is currently the most likely one.
1 (purple): The RSI & horizontal support at 3.867 holds and with much volume, we get back into the previous support zone
2 (green): The RSI & horizontal support at 3.867 holds, but we get rejected on the retest of the diagonal resistance line before we see even more downside. Then we will probably see prices like ~2.384.
3 (orange): The RSI and horizontal support at 3.867 do not hold, and we will more or less directly see prices like ~2.384.
I think scenario 2 (green) is currently the most likely one.
Note
Critical level reached, now bounce or die :)
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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.