Price is currently entering a Daily support zone
, I am expecting buyers to come in at the 78.6% Fibonacci level where the lower trend line
of the downward channel
could also come into play. The Daily 200 smooth moving average
lies just beneath the support level
and the 78.6% Fibonacci level. The 200% Fibonacci extension
level (Aqua Blue Line) could also be worth keeping an eye on. Furthermore looking at RSI
and it would appear that price is currently oversold on the 1 hour time frame, whilst nearly reaching oversold levels on the 4 hour time frame.