Bullish signs apparent - could this be the bottom for now?The current situation:
1. Price action is currently being supported by the 3D 50 and weekly 21MA with some signs of bullishness in their current or previous candle pattern with a hammer.
2. Seller volume has been decreasing with lower price action and can be more clearly seen on the weekly chart up to this week's candle, which could potentially turn green as it is a hammer right now.
3. There 4X bullish divergence on the 12HR chart and 2x bullish divergence on the 3D chart. IF this plays out, it can be a catalyst for a significant move up.
The bullish case: price action gets a solid close above the daily 21MA, which is currently sitting at about 6.3 USD. This can make a more convincing case for a reversal as the price action has not closed above this MA since the selloff back in September.
The bearish case: price action closes below the 3D 50MA and weekly 21MA signaling lower price action. That can be a bad sign as the price action previously broke down from a double-top pattern, with the neckline at about 10 USD and the measured target of that breakdown is about 2.4 USD.
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*These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.