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 Medium-Term basis and Uptrend on Short- and Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
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 Medium-Term basis and Uptrend on Short- and Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $10.0, then $5.0. The nearest Resistance Zone is $15.0, then $20.0.