KEY resistance level to break for a bullish breakout
The current situation:
1. Market structure: price action is in a bearish symmetrical triangle, with the upside target to be about 1.6 and the downside target to be about 0.85. In order for a convincing case of bullish breakout to happen, the price does need to get over the 6HR 50 moving average currently sitting at about 1.26, which we have not been able to close above. A close above this resistance level will be a more convincing case that price action may break out upwards. However, do note that there are still quite a bit of resistance between the breakout and the target, such as the daily 21 moving average currently at about 1.4.
Price action has also been able to stay above the 3D 50 moving average with more bullish candles.
2. I would also pay attention to BTC price action as well, since a drop in BTC can also affect altcoin price action. However, it does look like BTC is making a recover since the dump.
** These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
1. Market structure: price action is in a bearish symmetrical triangle, with the upside target to be about 1.6 and the downside target to be about 0.85. In order for a convincing case of bullish breakout to happen, the price does need to get over the 6HR 50 moving average currently sitting at about 1.26, which we have not been able to close above. A close above this resistance level will be a more convincing case that price action may break out upwards. However, do note that there are still quite a bit of resistance between the breakout and the target, such as the daily 21 moving average currently at about 1.4.
Price action has also been able to stay above the 3D 50 moving average with more bullish candles.
2. I would also pay attention to BTC price action as well, since a drop in BTC can also affect altcoin price action. However, it does look like BTC is making a recover since the dump.
** These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
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