1. Price forecast:
• Short-term outlook: The price is currently moving in a descending wedge, which indicates a possible upward reversal upon a breakout of resistance. In the short term, if the price holds above the 0.004500 level, a corrective upward movement to the nearest resistance can be expected.
• Medium-term forecast: If the price breaks through the resistance in the 0.005000 area and stays above it, we can expect growth in the medium term to levels of 0.005500–0.006000.
2. Support and resistance levels:
• Support levels:
o 0.004500 is the current key support that is holding the price back from falling further.
o 0.004300 is the next strong support that the price may test if the first line is broken.
• Resistance levels:
o 0.005000 is the nearest resistance level, the breakout of which may start an upward trend.
o 0.005500 - stronger resistance, at which one should expect profit taking or correction.
3. Entry, exit, stop loss points for 🟢long positions:
• Entry point: It is recommended to enter long upon breaking through the 0.005000 level, with confirmation of the daily candle closing above this level.
• Exit point: The first exit target is at 0.005500, and the next one is around 0.006000.
• Stop Loss: Set at 0.004300, which is slightly below the key support. If the price breaks this level downwards, it will indicate a continuation of the downtrend.
4. Entry, exit, stop loss points for 🛑short positions:
• Entry point: It is recommended to enter a short position when the level of 0.004300 is broken and the candle closes below this level.
• Exit point: The first target for taking profit is in the area of 0.004000, the next target is 0.003500.
• Stop loss: It is recommended to set the stop loss for a short position at 0.004700, above which the price may begin a corrective upward movement.
5. 🟢Long and 🛑short scenarios with probability assessment:
• 🟢Long script:
o Probability: 45%
o Reasons: However, a breakout of the 0.005000 level may change the short-term dynamics.
• 🛑Short scenario:
o Probability: 55%
o Reasons: The downtrend continues, volumes remain low and liquidation levels show seller activity at key levels.
⚠️ Overall conclusion: The bearish trend is currently prevailing. The main focus should be on the levels of 0.004500 and 0.005000. A breakout of resistance may lead to a short-term upward movement, but the probability of a further decline upon a breakout of the support level of 0.004300 remains high.
✈️ Individual Consultation on Cryptocurrency Trading 👍 ➡️@INVESTIDEAUA INVESTIDEAUA
