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A look at the weekly logarithmic chart shows us that the price has fallen to the $ 20 to $ 25 support area created by the 2014 highs. There is a substantial amount of support here.
If the price falls below $ 20, the next level of support would be in the $ 3- $ 5 area, which was the trading range for 18 months after the bearish market in 2014.
Long-term Outlook
Standing with the weekly time period, a look at the indicators paints a bearish picture. The price fell below the average of the 200 periods for the first time (continuous white line) and there were two bearish crosses between the averages of the period 7-21 and 7-50 (yellow arrows).
It is worth checking if the price will / rejects a bearish cross between the averages of the 7-200 period. Also, we have another bearish cross in the MACD, which implies that there is room for a continuous fall.
Medium-term Outlook
A look at the daily chart gives us a more positive perspective. There is a strong upward divergence in development both in the RSI and in the MACD. However, the price is facing the resistance of both the moving averages of the period 7 and 21.
If the price rebounded, there is strong resistance at the $ 50 level, which is the previous level of support from which the price has plummeted into a falling triangle in November 14th.
Short-term Outlook
A look at the 2-hour chart finally gives us a structure in which the price is exchanged. The price is currently moving in a symmetrical triangle, and there is a strong support line in both the RSI and the Chaikin oscillator.
conclusions:
- The price is currently in the $ 20-25 support area.
- The next support area is $ 3-5.
- Rising divergence that develops in average times.
| NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and involves considerable risks. This analysis should not be considered an investment advice, use it for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as advice for purchase, sale or storage and should not be taken as approval or recommendation of a particular asset. |
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