This chart shows the main trend of this cryptocurrency. Term 1 week. The idea is to understand where the price is on a global scale and what to expect. It is advisable to trade on a lower timeframe, but a large timeframe gives you an idea of what to expect in the future.
Pay attention to what formations have formed on the chart and how they can "flow" into each other, depending on how the situation develops in the reversal zones. Now the price is in the reversal zone below the line of the secondary downtrend. Which trend will dominate in the near future depends on this zone.
If a breakout occurs and the price consolidates above the resistance of the secondary trend (the resistance of the triangle) - a complete reversal and the emergence of a new upward secondary trend. If the price fails to break through and gain a foothold above this zone, it may roll back inside the triangle to support - the next reversal zone, and this is the level of 62.22. Next, you need to see how this support will react.
Pay attention to what formations have formed on the chart and how they can "flow" into each other, depending on how the situation develops in the reversal zones. Now the price is in the reversal zone below the line of the secondary downtrend. Which trend will dominate in the near future depends on this zone.
If a breakout occurs and the price consolidates above the resistance of the secondary trend (the resistance of the triangle) - a complete reversal and the emergence of a new upward secondary trend. If the price fails to break through and gain a foothold above this zone, it may roll back inside the triangle to support - the next reversal zone, and this is the level of 62.22. Next, you need to see how this support will react.
Comment:
+ 46% from the breakout of the downtrend line
Comment:
After a rollback to the breakout line, the price rise again at +111. Now there is a pullback to the breakout zone again
Comment:
Comment:
+290%
Comment:
The price reached the resistance of the large bowl for the third time. A large ascending triangle with a base of 190% was formed under this resistance. It is probably not difficult to guess what will happen in case of a breakout and price fixation above the resistance of the triangle (resistance of the large bowl). From the publication of the idea - the reversal of the secondary trend, the profit at the moment is + 344.21%
Comment:
Comment:
Comment:
+56% momentum from the support level exactly to the former uptrend. The target of the local double bottom has been worked out. Pullback. If the price fixes above the local top of the 150$ level area the uptrend continues.
Let me remind you, in the global in the main trend a large cup was formed (with a trend reversal of more than +450%), since the end of May a pullback (secondary trend). If this local impulse and the subsequent trend reversal, a "cup with a handle" will form (although this pullback is quite significant). If the price cannot fix above $150 and then $200 - the downtrend will continue.
Translated with www.DeepL.com/Translator (free version)
Let me remind you, in the global in the main trend a large cup was formed (with a trend reversal of more than +450%), since the end of May a pullback (secondary trend). If this local impulse and the subsequent trend reversal, a "cup with a handle" will form (although this pullback is quite significant). If the price cannot fix above $150 and then $200 - the downtrend will continue.
Translated with www.DeepL.com/Translator (free version)
Comment:
The line chart is specially designed to show the trend. The timeframe on the line chart is 1 day. The price is squeezed into the corner of a huge symmetrical triangle with a base of 344% and is under its resistance (secondary trend resistance). Zones of levels to work on the chart.
Comment:
Updated my previous main trend idea (long term) posted on 11/17/2022 before the secondary trend reversal.
At the moment, a descending wedge has formed in the secondary trend. The price is near a potential reversal zone.
The idea on such a timeframe is to understand the main trend of this cryptocurrency and where the secondary trend zone is to trade.
At the moment, a descending wedge has formed in the secondary trend. The price is near a potential reversal zone.
The idea on such a timeframe is to understand the main trend of this cryptocurrency and where the secondary trend zone is to trade.
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