The market formed a local bottom between 50.00 and 48.20 levels. We can see a price reversal from this support, which is confirmed by RSI.
MACD lines and histogram confirm the upward movement. DMI is bearish, but ADX line falls. It tells us that sellers are not so strong now, and the market can move upward.
We can say that the market is at the bottom, and it is a good buy opportunity for long term trading. It is possible to buy based on the current levels with stop orders below the local swing low. Profit targets should be placed at 80.00 and 100.00 resistance levels. The part of trade volume can be left for higher targets.
If you think about buying this coin, don't forget about the proper risk and money management.
MACD lines and histogram confirm the upward movement. DMI is bearish, but ADX line falls. It tells us that sellers are not so strong now, and the market can move upward.
We can say that the market is at the bottom, and it is a good buy opportunity for long term trading. It is possible to buy based on the current levels with stop orders below the local swing low. Profit targets should be placed at 80.00 and 100.00 resistance levels. The part of trade volume can be left for higher targets.
If you think about buying this coin, don't forget about the proper risk and money management.
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