New here (only second post) - still learning, so thoughts are much appreciated!
We have a support level (blue) at ~0.087.
We have a short-term triangle (red), with a bullish breakout on 1/27. (I have the floor of the red triangle as either the green longer-term triangle, or the blue support level.)
We have a longer-term triangle (green), which has been unable to break out after sitting near the top since the end of the 1/27 breakout.
Looking at the bigger downward bearish correction after the 1/9 ATH, I see a large wave C that has yet to be completed. It has held reasonably above wave A, so we do have a chance at it completing a double-bottom, going only about as low as wave A (~0.06). But, to get there in the first place, we'd see a sharp decline from where we currently stand (just over 0.10), so if we get that dip, it may be enough to push us to a lower C. I added a circular region (yellow) to indicate this uncertainty in how far C will fall.
To back up the expected downturn a bit more, taking a look at the MACD, the 12 just crossed under the 26 earlier today.
All in all, I'm expecting a low of 0.06 or lower, but then a return to recent levels of 0.10 - 0.15. If those numbers hold, that would be an increase of 67% - 150%.
We have a support level (blue) at ~0.087.
We have a short-term triangle (red), with a bullish breakout on 1/27. (I have the floor of the red triangle as either the green longer-term triangle, or the blue support level.)
We have a longer-term triangle (green), which has been unable to break out after sitting near the top since the end of the 1/27 breakout.
Looking at the bigger downward bearish correction after the 1/9 ATH, I see a large wave C that has yet to be completed. It has held reasonably above wave A, so we do have a chance at it completing a double-bottom, going only about as low as wave A (~0.06). But, to get there in the first place, we'd see a sharp decline from where we currently stand (just over 0.10), so if we get that dip, it may be enough to push us to a lower C. I added a circular region (yellow) to indicate this uncertainty in how far C will fall.
To back up the expected downturn a bit more, taking a look at the MACD, the 12 just crossed under the 26 earlier today.
All in all, I'm expecting a low of 0.06 or lower, but then a return to recent levels of 0.10 - 0.15. If those numbers hold, that would be an increase of 67% - 150%.