Daily RSI Support Zone Resistance Zone Target Price Comments
48 Support 1= 0.972 Firm Bottom = 0.084 Resistance 1 = 1.122 Keep playing the range. Adopt Buy on Dip Strategy
(Neutral) Support 2= 0.088 Resistance 2 = 1.47
Daily Readings:
Comparatively one of the new Crypto’s. Talking structurally it has one of the good structures in long term view. After such a strong start it is now moving sideways and is under correction. As long as it holds the Trendlines there is nothing to be scared of, yes if it breaches the Trendline the downside can be opened but for that the chances for now seem very low.
On the other-hand breaking the falling channel resistance will open 1.47 breaking which would put the script to straight test 1.84-1.85 region once again. It will take some effort to break that said zone, once breached new highs are likely to be seen.
Price action has breached HH – HL formation which indicates the strength will take time to gain momentum.
Strategy:
1- Risk can be taken at good supports as Risk Reward Ratio on those levels are good.
2- Wait for break of resistance for Fresh entries.
EMA 10 rests at 1.018
EMA 25 rests at 1.043
EMA 50 is at 1.006 which can limit fall, while breaking below this level will favor price to test the lower supports at 0.0972 and 0.088 region. This is where good buying support exits.
On downside if Trendline is violated then we can see retest of 0.76-0.80 range. This is where on downside future course will be decided.
Not Financial Advice, do your own due diligence and Slay your trading days!!!
48 Support 1= 0.972 Firm Bottom = 0.084 Resistance 1 = 1.122 Keep playing the range. Adopt Buy on Dip Strategy
(Neutral) Support 2= 0.088 Resistance 2 = 1.47
Daily Readings:
Comparatively one of the new Crypto’s. Talking structurally it has one of the good structures in long term view. After such a strong start it is now moving sideways and is under correction. As long as it holds the Trendlines there is nothing to be scared of, yes if it breaches the Trendline the downside can be opened but for that the chances for now seem very low.
On the other-hand breaking the falling channel resistance will open 1.47 breaking which would put the script to straight test 1.84-1.85 region once again. It will take some effort to break that said zone, once breached new highs are likely to be seen.
Price action has breached HH – HL formation which indicates the strength will take time to gain momentum.
Strategy:
1- Risk can be taken at good supports as Risk Reward Ratio on those levels are good.
2- Wait for break of resistance for Fresh entries.
EMA 10 rests at 1.018
EMA 25 rests at 1.043
EMA 50 is at 1.006 which can limit fall, while breaking below this level will favor price to test the lower supports at 0.0972 and 0.088 region. This is where good buying support exits.
On downside if Trendline is violated then we can see retest of 0.76-0.80 range. This is where on downside future course will be decided.
Not Financial Advice, do your own due diligence and Slay your trading days!!!
