Trade setup: Price is in a Downtrend and has broken below 200-day moving average, which is bearish. Now it’s trading in a Falling Wedge pattern and appears on a verge of bullish breakout. We wait for a bullish breakout from Falling Wedge, which would signal that buyers have finally absorbed the supply from sellers and the price could reverse trends.
Patterns: Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $0.070, then $0.055. The nearest Resistance Zone is $0.090, then $0.100, $0.115.