I was looking at this support zone for a while now. After a 6% price gain in about 24h, the price kept dropping and dropping rapidly. Finally it found support which made the bears temporarily leave.
I see two important resistance zones directly above it, to which I expect the price to increase. Now that the hit of the support zone seems like a possible reversal moment, I expect the price to reach above the resistance level 1 with a bit of struggle. Then, with an S/R flip I expect resistance level 1 to act as support to go to resistance level 2.
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- Trading Guru
-------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
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Trade active
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What a beautiful bounce off the support zone here:
The trade is active now, place your stop losses below the first support zone to make sure you monetize that gain.