TECHNICAL ANALYSIS:
-Since the 2002 the price has been following a really strong trendline, bouncing on it and keeping the price over this level for 13 years.
-In July 2015 the price broke the trendline during a clear downtrend, bouncing on the support level at about 0.70000 and failing any attemp to break the resistance zone at about 0.76402.
-In January 2018, the price was rejected one more time before falling down in a long downtrend, concluded with a big bounce on a strong monthly support level.
CONCLUSION:
The price is actually reaching an important resistance zone, I aspect the market get a correction, bouncing eventually on the support level at 0.70000, before moving up again, trying to reach our previous "historical" trendline.
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Gianni
-Since the 2002 the price has been following a really strong trendline, bouncing on it and keeping the price over this level for 13 years.
-In July 2015 the price broke the trendline during a clear downtrend, bouncing on the support level at about 0.70000 and failing any attemp to break the resistance zone at about 0.76402.
-In January 2018, the price was rejected one more time before falling down in a long downtrend, concluded with a big bounce on a strong monthly support level.
CONCLUSION:
The price is actually reaching an important resistance zone, I aspect the market get a correction, bouncing eventually on the support level at 0.70000, before moving up again, trying to reach our previous "historical" trendline.
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!
Trade Safe,
Gianni
