As SRM closed below its daily support, we will probably see even more downside in the near future. I see 3 potential scenarios.
1 (purple): The RSI & horizontal support at 3.867 holds and with much volume, we get back into the previous support zone
2 (green): The RSI & horizontal support at 3.867 holds, but we get rejected on the retest of the diagonal resistance line before we see even more downside. Then we will probably see prices like ~2.384.
3 (orange): The RSI and horizontal support at 3.867 do not hold, and we will more or less directly see prices like ~2.384.
I think scenario 2 (green) is currently the most likely one.
1 (purple): The RSI & horizontal support at 3.867 holds and with much volume, we get back into the previous support zone
2 (green): The RSI & horizontal support at 3.867 holds, but we get rejected on the retest of the diagonal resistance line before we see even more downside. Then we will probably see prices like ~2.384.
3 (orange): The RSI and horizontal support at 3.867 do not hold, and we will more or less directly see prices like ~2.384.
I think scenario 2 (green) is currently the most likely one.
Comment:
Critical level reached, now bounce or die :)