The current situation:
1. Price action has been continuing in this falling wedge as seen on the hourly chart and has bounced off the 0.786 FIB level at about 4.4 USD. There is also a double bottom apparent with the neckline at about 4.6 USD. The measured target for the double bottom pattern is about 5.05 and the measured target for the breakout of the falling wedge is about 7.55 USD if broken out of the point indicated. Do note that price action may not reach its measured target however.
2. There is not exactly bullish divergence on the RSI though, but we will see if this actually reverses back up from this point.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
1. Price action has been continuing in this falling wedge as seen on the hourly chart and has bounced off the 0.786 FIB level at about 4.4 USD. There is also a double bottom apparent with the neckline at about 4.6 USD. The measured target for the double bottom pattern is about 5.05 and the measured target for the breakout of the falling wedge is about 7.55 USD if broken out of the point indicated. Do note that price action may not reach its measured target however.
2. There is not exactly bullish divergence on the RSI though, but we will see if this actually reverses back up from this point.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.