1. Price Trend and Key Levels
The current price is around 0.5250, attempting to hold above that zone.
Key resistance levels:
0.5300 (first major resistance)
0.5900 – 0.5999 (strong resistance zone)
0.6450 (long-term resistance)
Key support levels:
0.4585
0.4010 (stronger support at channel bottom)
---
2. Indicators Overview
BB %B (Bollinger Band Midline)
Currently below the midline, indicating past selling pressure. However, the indicator is curving upward, suggesting a possible shift toward buying.
WaveTrend (WT_LB)
Both WT lines have bounced from the oversold area (below the -60 green line), signaling a potential start of a bullish wave.
---
3. Trendlines & Channels
Multiple descending trendlines from the previous top (in blue) act as dynamic resistance.
Price is fluctuating between the blue channels marked 50000 and 30000.
---
Conclusion – Long or Short?
Long Scenario:
If the price breaks and holds above 0.5300 with strong volume:
Target: 0.5900 to 0.5999
Stop-loss: Below 0.5150
Short Scenario:
If the price fails to break 0.5300 and forms a strong bearish candle:
Target: 0.4585
Stop-loss: Above 0.5350
---
Final Thought:
Momentum is shifting toward the bulls, but there’s no strong confirmation yet. It’s better to wait for a clear breakout above 0.5300 before entering a strong long.
If you prefer an early entry, a light long position with tight risk management could be considered.
Would you like a precise entry strategy with targets and risk/reward?
The current price is around 0.5250, attempting to hold above that zone.
Key resistance levels:
0.5300 (first major resistance)
0.5900 – 0.5999 (strong resistance zone)
0.6450 (long-term resistance)
Key support levels:
0.4585
0.4010 (stronger support at channel bottom)
---
2. Indicators Overview
BB %B (Bollinger Band Midline)
Currently below the midline, indicating past selling pressure. However, the indicator is curving upward, suggesting a possible shift toward buying.
WaveTrend (WT_LB)
Both WT lines have bounced from the oversold area (below the -60 green line), signaling a potential start of a bullish wave.
---
3. Trendlines & Channels
Multiple descending trendlines from the previous top (in blue) act as dynamic resistance.
Price is fluctuating between the blue channels marked 50000 and 30000.
---
Conclusion – Long or Short?
Long Scenario:
If the price breaks and holds above 0.5300 with strong volume:
Target: 0.5900 to 0.5999
Stop-loss: Below 0.5150
Short Scenario:
If the price fails to break 0.5300 and forms a strong bearish candle:
Target: 0.4585
Stop-loss: Above 0.5350
---
Final Thought:
Momentum is shifting toward the bulls, but there’s no strong confirmation yet. It’s better to wait for a clear breakout above 0.5300 before entering a strong long.
If you prefer an early entry, a light long position with tight risk management could be considered.
Would you like a precise entry strategy with targets and risk/reward?
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.