I'm not a fan of writing but I will try to explain this as simple as possible.
Every price chart has areas where the price is either being pushed to the upside or pushed to the downside. In this chart, I marked the areas of price confluence in 6 key levels + level 0.
This means I marked potential areas of support and resistance.
Key LVL 6 = First resistance showed up at 337 Sats.
Key LVL 5 = Acted as resistance as well and has been sitting at 273 sats.
Key LVL 4 = was a sign of weakness which touched the 209 sats mark before we got a hell of a drop.
Key LVL 3 = acted the first time as support in the history of levels and led to a pump all the way to LVL 5 before dropping again to key LVL 2 which was one of the most hurtful drops in this downward-direction trend.
Key LVL 2 = was holding nicely as support until we tested KEY LVL 3 again and failed at 104 sats (that was the most hurtful drop (-80%)
Key LVL 1 = Sitting at 30 sats, is acting as the strongest key level so far but we got rejected once we tried to break key level 2. From here on things get very interesting, it seems like we are consolidating in this key level area to eventually break to the upside.
Key LVL 0 = Has never been touched so far and is the last key level. (let's hope it stays that way)
EMA:
The EMA's I use are the 25&50 EMA.
50 EMA (yellow) has been acting as resistance for now. 25 EMA (green) has been acting as resistance as well but got flipped into support as we tested key level 2 and now is looking to flip into potential support.
RSI (14): Is creating Higher highs right now, the market seems to be interested in buying.
Volume: The volume MA is growing as time passes by which is a great sign overall
Fun fact: From all-time low to all-time high we have 917% to gain
Greets, Doctor Pleb
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If we look at lower Timeframes (1D)
we can see interesting price action happening.
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price is getting squeezed tighter and tighter.
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We're about to get support from the 200 EMA
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We are trading above the 200 daily EMA now, this is a nice area to be if we can stay above 59 sats things are looking good for the next move up into the 70-80 sat region.
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Train is leaving guys
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We're trading in a good structure, another cross is awaiting here