The price is moving within a descending channel on the hourly chart and has reached the lower boundary. It's now primed for a bounce and is expected to retest this level.
The Relative Strength Index (RSI) indicates a bearish trend, and this trend is likely to continue due to overbought conditions.
There's a key support zone (marked in green) at 0.195, and the price has bounced off this area multiple times, making it a strong support level.
The price is heading towards the 100-period moving average, which we are approaching. This trend supports a bullish movement.
Entry price: 0.216
First target: 0.221
Second target: 0.229
Third target: 0.238
You can take profit at the first and second targets and close the trade, or keep pushing for the third target. Stop loss: at the resistance zone (in green).
Remember this simple rule: money management.
Any questions? Please leave a comment.
Thank you.
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