Azeez MustaphaTechnical Writer
Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
Should the bears increase their pressure, the coin may be pushed down and break the support level of $4.7.
The price broke the demand level of $0.24 and the downtrend movement was experienced and this exposed it to another demand level of $0.21.
There is a probability for the downward movement this week; traders should follow the trend patiently.
There is a probability for a breakout of the price from the resistance level of $0.028 in case the bulls increase their momentum.
The price is seen along a horizontal path on the 10-day EMA and the 50-day EMA, confirming the consolidation. Traders should trade cautiously within the range adopting best range strategy to take a small profit.
The price has formed a “symmetrical triangle” pattern on the 4-Hour chart. It is currently below the 4-day EMA which has crossed the 50-day EMA downward below the supply zone of $0.08 inside the symmetrical triangle. The bullish breakout from the symmetrical triangle is imminent.
Should the price break the demand level of $0.24 the downtrend movement will be experienced and this will expose it to another demand level of $0.21.
In case the distribution level of $128 is broken, the pair will resume its uptrend movement and upper distribution territory of $140 will be exposed. A breakout at the upper area or breakdown at the lower area is imminent, so traders should be patient when taking a trade.
There is a probability for the uptrend movement this week in case the price breakout to the north from the ascending triangle pattern formed on both daily and 4-Hour charts.