From the chart;
We have a Descending Triangle Formation, and we are trading very close to the edge of the triangle towards the base of the triangle. The higher timeframe trend is bearish, but only after it breaks the support at the $0.19 range before we can confirm a further downtrend on the 4Hr chart. Also if we factor in RSI, price is forming a Lower Highs and Indicator is Higher Highs, confirming the bearish pattern.
Price could equally go in the other direction, but to confirm it's bullish it has to break the resistance at $0.27 and $0.35 region.
Note: I am new to charting and open to corrections, thank you.
We have a Descending Triangle Formation, and we are trading very close to the edge of the triangle towards the base of the triangle. The higher timeframe trend is bearish, but only after it breaks the support at the $0.19 range before we can confirm a further downtrend on the 4Hr chart. Also if we factor in RSI, price is forming a Lower Highs and Indicator is Higher Highs, confirming the bearish pattern.
Price could equally go in the other direction, but to confirm it's bullish it has to break the resistance at $0.27 and $0.35 region.
Note: I am new to charting and open to corrections, thank you.