Here is as simple interpretation of Bands current state and what I am watching for before I take a position.
As you can see Band has previously respected descending trendlines pretty well. Currently it stuck behind one and needs to brake out in order to reverse its current downtrend. But now you can see its not only stuck behind a descending trendline but also has fallen through a pretty important support around the $5 mark which is now resistance.
If Band manages to break out of the descending trendline it will also has to overcome what is now the $5 resistance before I take a long position.
If Band breaks out of the descending trendline I will consider it a bearish retest until it has reclaimed the $5 support line.
I have drawn a couple examples of that above.
Sorry I did not set any price predications either way just sharing my perspective.
As you can see Band has previously respected descending trendlines pretty well. Currently it stuck behind one and needs to brake out in order to reverse its current downtrend. But now you can see its not only stuck behind a descending trendline but also has fallen through a pretty important support around the $5 mark which is now resistance.
If Band manages to break out of the descending trendline it will also has to overcome what is now the $5 resistance before I take a long position.
If Band breaks out of the descending trendline I will consider it a bearish retest until it has reclaimed the $5 support line.
I have drawn a couple examples of that above.
Sorry I did not set any price predications either way just sharing my perspective.