#AUCTION
The 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 3.00, and 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: 3.14
First Target: 3.20
Second Target: 3.26
Third Target: 3.32
Stop Loss: At the resistance zone in green
Remember this simple rule: Money Management.
Any questions? Please leave a comment.
Thank you.
