Trade setup: After sizeable gains (~400% YTD 2023), price was met with selling pressure around 
20 resistance area. It was consolidating in a Channel Down pattern and appears to have broken out of it, indicating potential trend reversal. There’s potential upside potential to $15 or even $20.
Pattern: Price was trading in a Channel Down pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Downtrend on Short- and Medium-Term basis and Neutral on Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $10.0, then $5.0. The nearest Resistance Zone is $15.0, then $20.0.
20 resistance area. It was consolidating in a Channel Down pattern and appears to have broken out of it, indicating potential trend reversal. There’s potential upside potential to $15 or even $20.Pattern: Price was trading in a Channel Down pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Downtrend on Short- and Medium-Term basis and Neutral on Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $10.0, then $5.0. The nearest Resistance Zone is $15.0, then $20.0.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.