PONY: in the important support zonePrice has reached an important support area that should serve as a zone for establishing a larger-degree higher low: 12.5–10.6–9.65.
For the odds of a bottom being in to meaningfully increase, I would like to see the following developments:
• price reclaiming short-term EMAs and starting to hold above them
• a bullish EMA cross on the daily
• sequence for local higher lows
• and later breakout above the 16 resistance level
As long as price is trading below 16, there remains a possibility of a deeper move into the support zone
Chart:
