A look at the 3-day chart in logarithmic form shows that price broke the long-standing support at $4 and promptly fell to the main area of support close to $1.5.
A quick rally ensued, and the price is now trading at around $2.4.
Where will price head next? Let’s find out.
Staying with the Weekly chart, a look at the indicators shows that price is facing resistance from the 7 and 21 period moving averages, and a bearish cross has occurred.
However, while the MACD is falling, it is doing so in considerably less volume than during the previous fall in August.
A look at the 3-Day chart gives similar information.
Price is facing resistance from the 7,21 and 50 period moving averages and the cloud.
The RSI is slightly above 20, the lowest it has been.
Furthermore, the MACD made a bullish cross and is seemingly headed upwards.
A look at the 12-hour chart shows that price tried to break the cloud at $3 and failed.
Significant bearish divergence occurred, and the MACD made a bearish cross.
Price quickly reversed and is now trading at $2.4 The projected cloud is positive.
An even closer look at the 2-hour chart shows that price broke the short-term support at $2.6 with significant volume (yellow arrow).
The next area of short-term support is found at $1.9-2.1.
- Price broke long-standing support at $4.
- Price found support at $1.5.
- There is short-term bearish divergence.
|DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.|