TRend still fresh and still looking slighty bearish. price can be analysed With the use of an indicator called the Andrew’s Pitchfork.
Andrew’s Pitchfork is a technical indicator that uses three parallel trendlines to identify possible levels of support and resistance. The indicator, developed by Alan Andrews, uses trendlines that are created by selecting three points at the end of identified trends.
The three most important lines are the upper limit(resistance), the Median line(red) and the lower limit(support).
Following through with the rules of Andrew's pitchfork:
THERE IS HIGH PROBABILITY THAT PRICE WILL REACH THE LATEST MEDIAN LINE(RED). The probability of it reaching the ML(MEDIAN LINE) is 80%.
But price is currently holding up to some sort of range resistance and support levels at the upper limit, in which if broken to the down side price will likely test the 300usd zone.
Not much of a trend for now, traders need to wait out a bit to watch the next move, and to determine the next breakout.
The priobability of price testing the $300 is 80% based on the pitchfork, only when it violates its current support.
A long entry position should be taken only when the downward break is achieved.
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.