Let's break it down from both a bullish and bearish perspective.
Bullish Case:
Support Zone: There's a visible support around $0.1180, where the price bounced previously. If it holds, we might see another bounce from this level.
Moving Averages: The price is below the moving averages, but a potential upward retracement could occur if there's a reversal. Look for breakouts above the EMA(7) at $0.1519 or EMA(25) at $0.1596 as a signal of a potential recovery.
KDJ Oscillator: The KDJ is extremely oversold, with the K line at 14.23, D line at 23.86, and J line at -5.02. This could indicate a potential buying opportunity if the trend reverses.
Bullish Entry (EP): Around $0.1200 - $0.1180 if support holds.
Take Profit (TP):
$0.1460 (previous resistance)
$0.1590 (above EMA(25))
$0.1718 (24h high)
Bearish Case:
Price Below Moving Averages: The price is below significant moving averages (MA50, MA20, and EMA), indicating ongoing bearish momentum.
Lower Highs: The chart shows lower highs and lower lows, which is a clear bearish sign.
KDJ Momentum: The J line is deeply negative, suggesting that momentum is still strong on the downside, and further selling pressure could emerge.
Bearish Entry (EP): If the price drops below the $0.1312 support level, it could confirm further downside.
Take Profit (TP):
$0.1180 (support)
$0.1100 (psychological level)
$0.1000 (round number, significant potential support)
Summary:
Bullish Exit (if trend reverses): Consider taking profits around $0.1460 and $0.1590.
Bearish Exit (if support breaks): Target $0.1180, $0.1100, and $0.1000.
Be cautious of the current strong bearish sentiment (-18% daily change), and make sure to
adjust stop-losses based on market conditions.#TraderEducation #TraderAlert #NEIRO $BTC