The Daily chart is showing signs of bullish consolidation at a key support level after a prolonged downtrend, suggesting a potential trend reversal. Price is currently holding above the recent swing low near 0.0038, forming a potential double bottom pattern which is a strong reversal indicator. Bearish momentum appears exhausted as seen by the flattening MACD histogram.
The trigger for this long setup is emerging on the lower timeframes. We anticipate the 1H RSI, currently in oversold territory, to show bullish divergence against the recent price lows. The final confirmation will be a decisive crossing of the 15m RSI above the 50 centerline, signaling a shift in intraday momentum. This would coincide with price action reclaiming the short-term EMAs, clearing the path for a move higher.
Entering now represents a high-probability setup because we are positioned at a clear support level where downside risk is well-defined. The trade capitalizes on the fading bearish momentum and the potential for a significant relief rally. The risk-to-reward is favorable, targeting the overhead resistance levels formed by the daily moving averages.
Actionable Setup Now (LONG)
Entry: market at 0.00387
TP1: 0.00440
TP2: 0.00500
TP3: 0.00580
SL: 0.00375
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