Beware at this point this coin is in ranging mode. So I've marked areas where the volume profile has shown potential areas where most participants were involved at that time. So there's a chance that over those areas, price is going to react somehow or not at all, so we need to see what happens once it gets there.
We can say we've got a hammer as soon as it entered the area so we can see a bit of a slow down motion after the drop. Now, 2 things can happen. Either it creates a double bottom and reverses right off this area or it continues to decline. However to confirm this, we need to see a breakdown of current zone in order to go short.
Target could be the next support zone: 0.01865 - 0.01954 as shown in the chart we are sitting in a buy area and in oversold conditions.
Also, this is a ranging market so what I see could be a mess to you lol
We can say we've got a hammer as soon as it entered the area so we can see a bit of a slow down motion after the drop. Now, 2 things can happen. Either it creates a double bottom and reverses right off this area or it continues to decline. However to confirm this, we need to see a breakdown of current zone in order to go short.
Target could be the next support zone: 0.01865 - 0.01954 as shown in the chart we are sitting in a buy area and in oversold conditions.
Also, this is a ranging market so what I see could be a mess to you lol
Comment:
Seems like scenerio bullish is playing out so far with a double bottom created. We've got a breakout fromt the trendline but we need to break through 0.024 to confirm buying bias otherwise we stuck in a range.
Comment:
We've got a double bottom formed here. Wait for the breakout or breakdown, be patient on this one
Trade closed: target reached:
Price went to the next support zone and it even dropped lower. Sucessful short!