The symmetrical triangle is now invalidated due to the break below the yellow dotted line and we find ourselves in a descending triangle in the context of an uptrend (solid yellow line horizontal blue line).
Strong Blue line support @ 0.255.
The previous symmetrical triangles' lower trendline (Yellow dashed) is now acting as resistance.
So what does this all mean:
Bullish Case:
We breakout over the solid yellow line and move much higher where the dashed yellow line acts as a temporary pause. Based on the chart this could take up to May 7th to play out.
Bearish Case:
We break down and hold below 0.25, which would be very bearish as the next level of support below that is at 0.18.
Some observations:
The pace of the down move over the last 2 days has slowed as compared to the initial descent from 0.42 which is slightly bullish, however, there is some extremely unusual trading activity between 0.3 to 0.32 (heavy selling and buying)
Fingers crossed, let me know your thoughts and observations!
Strong Blue line support @ 0.255.
The previous symmetrical triangles' lower trendline (Yellow dashed) is now acting as resistance.
So what does this all mean:
Bullish Case:
We breakout over the solid yellow line and move much higher where the dashed yellow line acts as a temporary pause. Based on the chart this could take up to May 7th to play out.
Bearish Case:
We break down and hold below 0.25, which would be very bearish as the next level of support below that is at 0.18.
Some observations:
The pace of the down move over the last 2 days has slowed as compared to the initial descent from 0.42 which is slightly bullish, however, there is some extremely unusual trading activity between 0.3 to 0.32 (heavy selling and buying)
Fingers crossed, let me know your thoughts and observations!
