PEOPLE remains inside a broad descending channel on the higher timeframe, with price consistently printing lower highs under the macro descending trendline. The dominant structure is still bearish.
However, on the 12H timeframe price is now compressing near the middle of the channel. Recent price action shows a tightening range with higher lows forming against horizontal support around 0.0066 to 0.0068. This creates a short term symmetrical compression inside a larger downtrend.
This type of structure often leads to a volatility expansion.
If price holds above the 0.0066 region and breaks above the short term descending resistance, upside targets sit near 0.0090 first, followed by 0.0124 which aligns with the major descending trendline.
On the other hand, if 0.0066 fails and the lower dashed support breaks, continuation toward 0.0050 and potentially 0.0030 becomes likely, following the direction of the macro channel.
Right now price is sitting at a decision point.
Support holding favors a corrective bounce toward mid channel resistance.
Breakdown confirms continuation of the broader bearish structure.
However, on the 12H timeframe price is now compressing near the middle of the channel. Recent price action shows a tightening range with higher lows forming against horizontal support around 0.0066 to 0.0068. This creates a short term symmetrical compression inside a larger downtrend.
This type of structure often leads to a volatility expansion.
If price holds above the 0.0066 region and breaks above the short term descending resistance, upside targets sit near 0.0090 first, followed by 0.0124 which aligns with the major descending trendline.
On the other hand, if 0.0066 fails and the lower dashed support breaks, continuation toward 0.0050 and potentially 0.0030 becomes likely, following the direction of the macro channel.
Right now price is sitting at a decision point.
Support holding favors a corrective bounce toward mid channel resistance.
Breakdown confirms continuation of the broader bearish structure.
Market Structure • Price Action • Crypto Updates
🔗 Telegram: t.me/Coach
🔗 Telegram: t.me/Coach
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Market Structure • Price Action • Crypto Updates
🔗 Telegram: t.me/Coach
🔗 Telegram: t.me/Coach
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.