We have a triangle pattern and a "tentative" double bottom. If the double bottom get confirmed the arrow line indicate upside target, trading as a triangle pattern then the first and second resistance area will be used as targets. With strong upside resistance the price will have to increase demand so that more buyers join in, and we can see from crypto marketing on social media that the crypto companies are trying that. However, as traders we consider all possible moves and know from our training at the College how to trade triangles as continuation or counter trend patterns. Break below the support will create more supply attracting more sellers to drive price even lower.
Disclaimer: Any discussions held, views and opinions expressed and materials provided are for general information purposes and are not intended as investment advice or a solicitation to buy or sell financial securities. Any person acting on this information does so entirely at their own risk. Trading is high risk, it does not guarantee any return and losses can exceed deposits.
Disclaimer: Any discussions held, views and opinions expressed and materials provided are for general information purposes and are not intended as investment advice or a solicitation to buy or sell financial securities. Any person acting on this information does so entirely at their own risk. Trading is high risk, it does not guarantee any return and losses can exceed deposits.