As provided in my previous chart, a bounce off the $5 line was good, however it was a very weak push up, I was expecting a lot more orders.
From the looks of it on the WEEKLY chart, it is closing an indecisive weekly candle, which indicates a possible trend change from bearish to bullish - meaning we can see the price rising in a couple of weeks.
I think in the long term, there is a possibility of going back to Fib level 1 - $15 - VERY OPTIMISTIC - NOT LIKELY AT ALL. But it will be a very slow climb, and this coin still can go even lower.
For a mini rally we want to see a second bounce off the red line as highlighted in yellow. Otherwise, fail down to $2.5 - MORE LIKELY.
From the looks of it on the WEEKLY chart, it is closing an indecisive weekly candle, which indicates a possible trend change from bearish to bullish - meaning we can see the price rising in a couple of weeks.
I think in the long term, there is a possibility of going back to Fib level 1 - $15 - VERY OPTIMISTIC - NOT LIKELY AT ALL. But it will be a very slow climb, and this coin still can go even lower.
For a mini rally we want to see a second bounce off the red line as highlighted in yellow. Otherwise, fail down to $2.5 - MORE LIKELY.
Comment:
Second bounce completed, and now movement down again to $6.20 for support
