Not much to talk about on this, just follow the trend. With the use of ICHIMOKU DOUBLED CLOUD SETTINGS, STOCHASTIC RSI and NORMAL RESISTANCE AND SUPPORT LEVELS
Based on support levels and resistance.
Looking at the expected levels of supports which are $6454, $5929 and $5526 respectively. These were all the previous support levels back in time.
The CLOUD set up, TK bearing crossing below the cloud and a KUMO CLOUD TWIST these give a strong bearish signal.
The flat kumo always the 0.5fib retracement level. The flat red line( K- kijun) is expected to move horizontally while the blue line( T- tenken) should go more lower as it would result to TK disequilibrium and a possible prce pull back might likely occur( C-CLAMP) $8k+
Stochastic RSI at 10.5 around the oversold area. The blue region should be the area of consolidation and possible pull back as price moves down to the projected targets( supports levels).
And lastly, the weekly chart fully oversold and needs to settle to cross the 20 oversold region back up.
This might take up to 3 to 4 weeks to confirm as the chart is based on weekly candle sticks.
TECHNICALS suggests little down trend in price as some support levels will be held. THE TREND IS YOUR FRIEND
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.