As we can see the price created a very nice "Descending Channel", coming from above. Below we have the support area (in blue) that is holding the price. Now all we have to do is waiting and see if the price is going to break out of the channel. After that we can open long positions. You can open long positions here as well, but the risk involved is a bit higher in this situation...but as long as you can manage your risk everything is fine.
Targets: $5.60 $6.30 $6.88
Thank you and Good Luck! 🛑Disclaimer🛑 The content of this analysis is subject to change at any time without notice. Trading leveraged products carry a high level of risk and may result in you losing substantially more than your initial investment. This is not financial advice.