DSHUSD: The Correction and Key Support Zones for Buying

The daily chart gives us opportunities to think about buying based on reversal signals from the important support zones.

The price reached 140.00 resistance and bounced. We got three bearish candles, which confirmed the correction. RSI is not far from the overbought zone, and it tells us that we have room for the downward movement. MACD histogram supports the price reversal and sellers.

The market can continue the downward movement, but for this, it has to break the 1st support at 100.00 round number level. The price action in this zone will be able to provide us a possible buy opportunity based on a reversal signal. Stop orders must be placed below the local swing low.

But if we talk about better entry zones for long positions, I would like to talk about reversals from 80.00 and SMA200 as well as 60.00 and SMA100. For this, the price will have to drop below 100.00 support.

The market made a good upward movement. We can talk about the bullish market, which tries to develop a new uptrend. It should be added to a watchlist.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.