Factors
1. Price has experienced a LT downtrend (Starting August 19)
2. Price slowly building a base with a short term resistance at 7c .
3. EMA is converging
4. There is an overhead gap at 8.3c which I would be looking to target, 10.5c if we're feeling more ambitious.
Possible Reasons For Failure
1. No breakout/bullish price action at 7c to initiate trade
2. Prices may continue to downtrend
3. Base may breakdown
Watchlist and keep an eye on, mainly at 7c level.
1. Price has experienced a LT downtrend (Starting August 19)
2. Price slowly building a base with a short term resistance at 7c .
3. EMA is converging
4. There is an overhead gap at 8.3c which I would be looking to target, 10.5c if we're feeling more ambitious.
Possible Reasons For Failure
1. No breakout/bullish price action at 7c to initiate trade
2. Prices may continue to downtrend
3. Base may breakdown
Watchlist and keep an eye on, mainly at 7c level.