The price is moving in a downward channel on the hourly timeframe. It has reached the minimum and is heading towards a breakout above it, with a re-test of the upper limit expected.
We have a downward trend on the RSI indicator, which is close to the minimum, and a bullish rebound is expected.
There is a key support area in green at 0.02900. The price has bounced from this level several times and is expected to bounce again.
We have a trend towards consolidation above the 100-period moving average, as we approach it, supporting the upward movement.
Potential entry levels: 0.02916
Potential exit levels
First target: 0.02952
Second target: 0.03000
Third target: 0.03054
Do not forget a simple principle: Money management.
⚠️ Disclaimer:
This analysis is for educational purposes only and does not encourage trading in futures contracts or any prohibited transactions. The aim is to illustrate potential market movement, not a direct recommendation to buy or sell.
💡 Important notes:
- This analysis is for educational purposes only.
- Please study the market and make decisions based on your ability and risk tolerance.
- The author is not responsible for others' trading or their profit results.
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