he price is moving within a descending channel on the 1-hour timeframe and has reached the lower boundary. It is now poised for a bounce and is expected to retest this boundary.
The Relative Strength Index (RSI) indicates a downward trend, which is likely to continue given the overbought conditions.
There is a key support zone (in green) at 0.04722. The price has bounced off this zone several times, making it a strong support level.
The price is trending towards the 100-period moving average, which we are approaching. This trend supports an upward move.
Entry Price: 0.05038
Target 1: 0.05040
Target 2: 0.05228
Target 3: 0.05388
Stop Loss: At the resistance zone (in green)
Remember this simple rule: Money management.
Any questions? Please leave a comment.
Thank you.
