FUN still to drop, buy zone around 0.06
New here (only second post) - still learning, so thoughts are much appreciated!
We have a support level (blue) at ~0.087.
We have a short-term triangle (red), with a bullish breakout on 1/27. (I have the floor of the red triangle as either the green longer-term triangle, or the blue support level.)
We have a longer-term triangle (green), which has been unable to break out after sitting near the top since the end of the 1/27 breakout.
Looking at the bigger downward bearish correction after the 1/9 ATH, I see a large wave C that has yet to be completed. It has held reasonably above wave A, so we do have a chance at it completing a double-bottom, going only about as low as wave A (~0.06). But, to get there in the first place, we'd see a sharp decline from where we currently stand (just over 0.10), so if we get that dip, it may be enough to push us to a lower C. I added a circular region (yellow) to indicate this uncertainty in how far C will fall.
To back up the expected downturn a bit more, taking a look at the MACD, the 12 just crossed under the 26 earlier today.
All in all, I'm expecting a low of 0.06 or lower, but then a return to recent levels of 0.10 - 0.15. If those numbers hold, that would be an increase of 67% - 150%.
We have a support level (blue) at ~0.087.
We have a short-term triangle (red), with a bullish breakout on 1/27. (I have the floor of the red triangle as either the green longer-term triangle, or the blue support level.)
We have a longer-term triangle (green), which has been unable to break out after sitting near the top since the end of the 1/27 breakout.
Looking at the bigger downward bearish correction after the 1/9 ATH, I see a large wave C that has yet to be completed. It has held reasonably above wave A, so we do have a chance at it completing a double-bottom, going only about as low as wave A (~0.06). But, to get there in the first place, we'd see a sharp decline from where we currently stand (just over 0.10), so if we get that dip, it may be enough to push us to a lower C. I added a circular region (yellow) to indicate this uncertainty in how far C will fall.
To back up the expected downturn a bit more, taking a look at the MACD, the 12 just crossed under the 26 earlier today.
All in all, I'm expecting a low of 0.06 or lower, but then a return to recent levels of 0.10 - 0.15. If those numbers hold, that would be an increase of 67% - 150%.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.