This is a hard one to look as the patterns are a little harder to discern. The lower timeframe charts are more bearish and there are some bearish movement indicators in the daily chart like the Chiko Span headed downward for the priceline and the Tenkan/Kijun crossover which already happened as the price gets closer to the Kumo. I see some decent resistance around $0.38 and if it can hold that in the next couple days there is potential to rebound back upward toward $0.52 based on the NT calculation. Other calculations will put the price higher around $0.63, but based on all of the chart evidence, IF it bounces back I don't see it breaking the $0.565 mark.
In two days, if the trend continues, there is a pivot point at 17 periods from the last high candles with the potential to continue downward for another 9 periods to close out the 26 period cycle back down around $0.235 before another bounce upward.
If there is a reversal at the 17 period marker, the upward trend to $0.525 could signal the next reversal downward at that area.
I won't be participating in this movement as there is nothing concrete yet, but I like a long after a bounce off the .38 mark. Anything lower than that starts moving into the Kumo where there should be no trades.
As always, comments and ideas are welcome! Please share your thoughts!
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.
In two days, if the trend continues, there is a pivot point at 17 periods from the last high candles with the potential to continue downward for another 9 periods to close out the 26 period cycle back down around $0.235 before another bounce upward.
If there is a reversal at the 17 period marker, the upward trend to $0.525 could signal the next reversal downward at that area.
I won't be participating in this movement as there is nothing concrete yet, but I like a long after a bounce off the .38 mark. Anything lower than that starts moving into the Kumo where there should be no trades.
As always, comments and ideas are welcome! Please share your thoughts!
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.