#SLP
The price is moving within a descending channel on the hourly timeframe. It has reached the lower boundary and is trending towards a bounce. A retest of this boundary is expected.
The Relative Strength Index (RSI) indicates a downward trend, and this trend is likely to continue due to the overbought condition.
A key support zone has been identified in green at 0.000591. 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: 0.000615
Target 1: 0.000627
Target 2: 0.000639
Target 3: 0.000656
You can close at the second target or wait for the third target to be reached. The choice is yours.
Stop Loss: At the resistance zone in green.
Remember this simple rule: Money management.
Any questions? Please leave a comment.
Thank you.
