The price is moving in a descending channel on the 1-hour timeframe. It has reached the lower boundary and is heading towards breaking above it, with a retest of the upper boundary expected.
We have a downtrend on the RSI indicator, which has reached near the lower boundary, and an upward rebound is expected.
There is a key support zone in green at 0.02900. The price has bounced from this level multiple times and is expected to bounce again.
We have a trend towards consolidation above the 100-period moving average, as we are moving close to it, which supports the upward movement.
Entry price: 0.02916
First target: 0.02952
Second target: 0.03000
Third target: 0.03054
Don't forget a simple principle: money management.
Place your stop-loss below the support zone in green.
For any questions, please leave a comment.
