New support level found on the 3hours time frame. More consolidation within some levels of support.The following will be used to determine the movement of price trend:
- chart pattern( DESCENDING CHANNEL)
-candle stick pattern( TWEZEERS BOTTOM)
THE DESCENDING CHANNEL CHART PATTERN
When price trend moves downward and fits in between two trend line, it is called a DESCENDING CHANNEL.
The price trend leading to the channel can be from any direction.The Shape should look like a pipe tilted down, but not horizontal, The two trendlines should be parallel or nearly so. Both should tilt tilt downward.
Price should touch each trendline at least twice as distinct peaks or valleys.
Breakout Occurs when price closes outside the trendline boundary and can be in any direction (upward 70% of the time).some sort of support level being held at its current price.AS SHOWN BELOW:
And lastly, the CANDLE STICK PATTERN TWEEZERS
On this candlestick, price trends downward leading to the start of the tweezers. There, two candles of any color share the same low price, as if the low is where the tweezers join.
This gives more signal for bullish reversal to the upside.
Technicals suggests that a short term bullish reversal is coming soon and it time to take a position at the descending breakout to the upside.
BUY: 0.00010839sats( you can buy at current price and hold)
SELL: 0.0001200sats, 0.0001300sats and 0.0001400sats
STOP LOSS: 0.00008520sats
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.