A fast flash drop, opportunity to get in to take some profit as price will likely bounce back up.
Price has moved down so fast from 0.00335954sats to 0.00205531sats, holding at a strong support level witin that price. Price is currently ranging between 0.00221721sats down to 0.00205531sats, which is also the same previous resistance and support levels(when chart is moved back word) the blue rectangular zone shows the resistance being held strong before a breakout was achieved and price moved to the up side.
Current high whcih is at 0.00335954sats started it down trend when a type of candle stick pattern was spotted at the top called TWEEZER TOP.
Tweezers top candlesticks are simple to find in a historical price series. Just look for two adjacent candles with the same high price in an uptrend.
Candle theory says that the pair is supposed to be a bearish reversal because it illustrates overhead resistance.
Any pair of candlesticks qualify as tweezers tops providing they have the same high price and appear in an upward price trend.
The belief behind the candle pattern is that the twin high price marks overhead resistance.AS SHOWN BELOW:
To determine the price trend, the ICHIMOKU CLOUD SETTINGS will be used and an oscilator(stochastic RSI)
The ichimoku cloud setting(doubled cloud setting)
The 4HOURS time frame Ichimoku Cloud continues to show a TK disequilibrium, or ‘C-Clamp,’ suggesting that sideways trading with a pullback to the Kijun at 0.00268694sats is more likely than downtrend continuation
C-Clamp or TK Disequilibrium
Ichimoku cloud prefers everything to remain in equilibrium. When the TK lines are spread far apart,
this signals price moving quickly in one direction and can be thought of as an overbought/oversold indicator.
For this reason, these will always represent counter-trend trade opportunities.
C-Clamps are often accompanied by other reversal indicators like a bearish divergence(When price is move up, calls for a pull back down),
rising(moving up and calling for pull back)/falling wedge(moving down and calling for throwback up), or head and shoulders.
To make it more comprehensive, when the T(blue line) is moving far away from the K(redline) this is called TK disequilibrium, indicating that price supposed to move or stay in equilibrium.
This will offen trigger or pull the price back to the K(red line).
Technicals suggest that price is ranging at a strong support waiting for a pulling back up.
BUY: 0.00212750฿ (or at current price and hold)
STOP LOSS: 0.00200859฿
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.