Pair : CRVUSDT
Description :
Rising Wedge as an Corrective Pattern in Short Time Frame and Rejection from Lower Trend Line and Fibonacci Level - 78.60%. Strong Divergence and Break of Structure. Consolidation Phase in Short Time Frame with the Breakout of the Lower Trend Line and Retracement
The price hit the daily resistance zone DR and currently trading inside this resistance zone. The probability favors a short here and the target should be the daily support zone DS.
The price is hitting daily resistance and I would expect that it will be pushed back to the weekly support again. I believe, a short is favorable here.
How about trying to aim for that 4h resistance 1 zone. We hit the daily support DS1 as mentioned in the previous post and also mentioned that there should be a bounce here as it has been a good support zone in the past and shall offer at least some this time as well. Lets follow L1, S2 and L3 path.
CRVUSDT lost the 4h support and now is very likely heading towards the daily support zone DS1. The price has bounced from this zone several times. It shall bounce this time too. How big and how long, that would be a question we shall answer once we see the price hitting this daily support zone.
This does not look good for CRVUSDT. The price has broken the 4H and daily support which now are marked as 4HR1 + DR1 resistance. The price is likely headed for next 4h support 4HS1 zone. I believe, a bit of bounce from this 4HS1 level, the price might break this support and head for the daily support DS1 level.
The price broke down from 4h support 4HS1 and retested it from below. This retest pushing price down and likely to revisit the 4h support 4HS2 around 1.10 area as marked on the chart.
Price may head for the current 4h support (marked as 4HS). The reaction of the price after touching that level will give short term direction idea where the price want to go.
