Current situation:
1. There were very bearish signs as I have mentioned in my previous, where there was a head and shoulders pattern inside a bearish symmetrical triangle. The head and shoulders pattern broke out and met its measured target. Now, the price action is being supported by the daily 200 moving average. But the symmetrical triangle was broken as well apparently and the measured target for that is about 0.75
If we break down below the daily 200, we will be under all major moving averages on this chart. In that case, these moving averages will act as resistance for price action getting back up. Depending on the distance between these moving averages, it could be a bumpy ride back up. If the distances between each of the moving averages then are small, it may be smoother because then price action can break multiple at once instead of each one by one, where the latter takes more time.
2. Volume: seller looks like it's still trending up with lower price action, signaling seller strength is still strong.
3. RSI: not quite oversold on many of the bigger timeframes and bullish is not apparent from the 4HR timeframe up. So I do not see a sign of reversal here on the RSI yet.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
1. There were very bearish signs as I have mentioned in my previous, where there was a head and shoulders pattern inside a bearish symmetrical triangle. The head and shoulders pattern broke out and met its measured target. Now, the price action is being supported by the daily 200 moving average. But the symmetrical triangle was broken as well apparently and the measured target for that is about 0.75
If we break down below the daily 200, we will be under all major moving averages on this chart. In that case, these moving averages will act as resistance for price action getting back up. Depending on the distance between these moving averages, it could be a bumpy ride back up. If the distances between each of the moving averages then are small, it may be smoother because then price action can break multiple at once instead of each one by one, where the latter takes more time.
2. Volume: seller looks like it's still trending up with lower price action, signaling seller strength is still strong.
3. RSI: not quite oversold on many of the bigger timeframes and bullish is not apparent from the 4HR timeframe up. So I do not see a sign of reversal here on the RSI yet.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.