The price had been falling for a while. Now it entered a new channel, which is an upward trend channel.
So how long will this channel last?
First, the MACD is still in the upward trend, and I would say that the pressure is strong.
Also, the RSI is in an upward trend.
Next, let’s take a look at the Bollinger Bands. The Bollinger Bands shrunk after the downward trend. This could be a signal for the price to change the direction.
I made a Fib for the price, and we can see that now the price is at the 0.382 level. Let’s expect the price to get to the 0.5 level.
So how long will this channel last?
First, the MACD is still in the upward trend, and I would say that the pressure is strong.
Also, the RSI is in an upward trend.
Next, let’s take a look at the Bollinger Bands. The Bollinger Bands shrunk after the downward trend. This could be a signal for the price to change the direction.
I made a Fib for the price, and we can see that now the price is at the 0.382 level. Let’s expect the price to get to the 0.5 level.