For the third time, the coin has been trying to overcome the resistance in the region of $ 46 and has so far been unsuccessful.
But now there is already a formed divergence on the indicator (MACD) and this is a prerequisite for a price decline.
On the other hand, globally reversing the trend from such an obvious resistance level (red line on the chart) is not at all a frequent occurrence in the cryptocurrency market.
Based on this, the scenario of a false breakout of the current resistance looks very good.
Everyone sees dynamic support, below which the price has not left since the 20th year, this area will be the main target of the decline.
There are also two lows on the chart:
The local minimum, which is marked with a black tick ($ 21), is not fundamental from the point of view of trend formation, but this minimum is clear enough to accumulate a sufficient number of stop-losses below it. This means that we may not see much demand in this area, but there may be a very likely story to collect liquidity below this minimum.
The local minimum, which is marked with a red checkmark ($ 8), is already a fundamental level from the point of view of the formation of an uptrend, if the price manages to hold below this minimum, the trend will change its direction to a downtrend.
Total
If you are negative about Cosmos, the false breakout option is not a bad option.
If you are positive about Cosmos, you should wait for the opportunity to buy as close as possible to the area of the local minimum marked with a red checkmark.
But now there is already a formed divergence on the indicator (MACD) and this is a prerequisite for a price decline.
On the other hand, globally reversing the trend from such an obvious resistance level (red line on the chart) is not at all a frequent occurrence in the cryptocurrency market.
Based on this, the scenario of a false breakout of the current resistance looks very good.
Everyone sees dynamic support, below which the price has not left since the 20th year, this area will be the main target of the decline.
There are also two lows on the chart:
The local minimum, which is marked with a black tick ($ 21), is not fundamental from the point of view of trend formation, but this minimum is clear enough to accumulate a sufficient number of stop-losses below it. This means that we may not see much demand in this area, but there may be a very likely story to collect liquidity below this minimum.
The local minimum, which is marked with a red checkmark ($ 8), is already a fundamental level from the point of view of the formation of an uptrend, if the price manages to hold below this minimum, the trend will change its direction to a downtrend.
Total
If you are negative about Cosmos, the false breakout option is not a bad option.
If you are positive about Cosmos, you should wait for the opportunity to buy as close as possible to the area of the local minimum marked with a red checkmark.