Bullish scenario :
If the Bullish momentum continues and the price remains above the short-term SMA and MACD stays above its signal line, we could see an upward trend continue.
The critical level to watch is the SMA_50 (~0.2022). If the price bounces off this level, it could potentially move towards the next resistance level,
Which would be around the SMA_200 ( ~0.2091) or higher if the momentum is strong enough.
Bearish Scenario:
On the other Hand,
If the price falls below the SMA_50 and the MACD crosses below the Signal Line, it would indicate that the bullish momentum has weakened, and a bearish trend could ensue. The key support level in this scenario would be the SMA_200. A break below this could lead to further declines towards lower support levels.
Most Likely Scenario :
Considering the current setup where the MACD is above the Signal Line but the histogram is decreasing, it suggests caution as it may indicate a potential reversal or a slowdown in the bullish momentum. However, since the price is between the SMA_50 and SMA_200, it seems more likely that we could see some consolidation or slight bullish momentum in the near term, barring any significant market news or events that could impact the price. The key would be to watch for either a confirmed bounce off the SMA_50 to affirm bullish continuation or a break below it to consider the bearish scenario.
Quick Upload.
Happy Trading.
T.
If the Bullish momentum continues and the price remains above the short-term SMA and MACD stays above its signal line, we could see an upward trend continue.
The critical level to watch is the SMA_50 (~0.2022). If the price bounces off this level, it could potentially move towards the next resistance level,
Which would be around the SMA_200 ( ~0.2091) or higher if the momentum is strong enough.
Bearish Scenario:
On the other Hand,
If the price falls below the SMA_50 and the MACD crosses below the Signal Line, it would indicate that the bullish momentum has weakened, and a bearish trend could ensue. The key support level in this scenario would be the SMA_200. A break below this could lead to further declines towards lower support levels.
Most Likely Scenario :
Considering the current setup where the MACD is above the Signal Line but the histogram is decreasing, it suggests caution as it may indicate a potential reversal or a slowdown in the bullish momentum. However, since the price is between the SMA_50 and SMA_200, it seems more likely that we could see some consolidation or slight bullish momentum in the near term, barring any significant market news or events that could impact the price. The key would be to watch for either a confirmed bounce off the SMA_50 to affirm bullish continuation or a break below it to consider the bearish scenario.
Quick Upload.
Happy Trading.
T.