There is monthly support at approximately $0.47, whilst price has wicked below it (liquidity grab), it still hasn't closed below the monthly.
We are presently on a weekly support at $0.49 so hopefully we hold above this. If you reduce your timeframes down to Weekly/Daily we are in a decending triangle and the stochastic RSI's are in a buy position so I am thinking bullish.
Also I thought it was quite funny that the market did a dump, but also quite predictable as all the charts were flashing bullish, so I am sure everyone leveraged up in anticipation for the big pump but in true crypto style went for a final liquidity grab before the big hurrah.
Anyways, you can never be quite sure, but no structure has really been broken and this decending triangle thing has been in play since August 2023.
If we have a daily close below $0.47 than I will change my theory.
We are presently on a weekly support at $0.49 so hopefully we hold above this. If you reduce your timeframes down to Weekly/Daily we are in a decending triangle and the stochastic RSI's are in a buy position so I am thinking bullish.
Also I thought it was quite funny that the market did a dump, but also quite predictable as all the charts were flashing bullish, so I am sure everyone leveraged up in anticipation for the big pump but in true crypto style went for a final liquidity grab before the big hurrah.
Anyways, you can never be quite sure, but no structure has really been broken and this decending triangle thing has been in play since August 2023.
If we have a daily close below $0.47 than I will change my theory.
Note
Also please don't trade of any of my theories, it's just a theory.
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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.