It remains just a personal analysis
1. Trend: It can be observed that there is an upward trend represented by a purple trend line that supports the price from below, and this indicates that the market is in an upward phase in the short term.
2. Support and resistance points:
- Support: A support line can be observed at level 0.300 and the purple line of the uptrend which also acts as support.
- Resistance: There is a short-term horizontal resistance line that was recently crossed and is now turning into support, and a slanting resistance line made up of two peaks indicates that the price may face selling pressure if it approaches it again.
3. Indicators:
- Simple Moving Averages (MA) and **Exponential Moving Averages (EMA)**: The price is currently above the moving averages, indicating an upward trend.
- Relative Strength Index (RSI): indicates a reading above 60, which means that the market may be overbought, but there is still room for further upside before reaching overbought levels.
4. Impact on market volatility: If the upward trend continues and the price stays above the support lines with the RSI remaining strong, we could see stabilization or increase in market volatility. However, if there is a decline below the rising trend line or support line, we may see an increase in volatility with the price potentially falling.
The curve takes the form of a symmetrical triangle, as the price approaches the corner of the triangle, which means that the price gradually reduces its fluctuations within a range defined by the upward and downward trend lines. Symmetrical triangles can be continuation or reversal, and often indicate a union of forces between buyers and sellers. A breakout above a resistance line or a breakdown below a support line can indicate a clear trend and sharp price movements after it occurs.
