The price has been moving since February between two weekly SMAs: the 200 SMA (blue line) has been acting as support, while the 10 SMA (grey line) has been pushing the price down every time it touches it for the past four weeks.
At the moment, the price is resting on the medium‑term support indicated by the purple line, with a loss of about 60% from last year’s highs.
Positioning (or even better, a weekly close) above the 10‑week SMA is the first confirmation to wait for when considering a potential entry or accumulation.
Also keep an eye on volumes, which are currently in steady decline, as many traders prefer liquidity over risk.
Be careful, because markets are moving with high volatility on every piece of news, so resistance and support levels may be broken more easily than usual.
At the moment, the price is resting on the medium‑term support indicated by the purple line, with a loss of about 60% from last year’s highs.
Positioning (or even better, a weekly close) above the 10‑week SMA is the first confirmation to wait for when considering a potential entry or accumulation.
Also keep an eye on volumes, which are currently in steady decline, as many traders prefer liquidity over risk.
Be careful, because markets are moving with high volatility on every piece of news, so resistance and support levels may be broken more easily than usual.
Note
The price was rejected again this week at the weekly SMA10 (grey line)Note
Trade active
The bullish confirmation has arrived with strongly expanding volume. A massive rally is possible, perhaps even doubling in value by year-end
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.