Hello,
There are a lot of things to talk about in this chart and just note that these analysis are built on my experience and do not take them as financial advice.
Lets start but the resistance level that the price is approaching. This level of 0.00000839 is very critical and important to break but at the same time very hard to break. We've already tried twice to break it but failed.
Secondly, the rising wedge pattern is being formed which is a bearish chart pattern and this might cause the price to fall back to it's base which gets us to point number three.
Thirdly and lastly, as I've said many times we are in the first phase of the bull market and some down side isn't bad but it builds a better base for the bull. I think that a double bottom isn't that far from happening because the price target of the rising wedge is the same price target to double bottom and that might be the start of the second phase of the bull market which will make the prices go crazyyy.
In conclusion, on the short term I'm expecting a down turn in the prices but on the long term that is very bullish.
There are a lot of things to talk about in this chart and just note that these analysis are built on my experience and do not take them as financial advice.
Lets start but the resistance level that the price is approaching. This level of 0.00000839 is very critical and important to break but at the same time very hard to break. We've already tried twice to break it but failed.
Secondly, the rising wedge pattern is being formed which is a bearish chart pattern and this might cause the price to fall back to it's base which gets us to point number three.
Thirdly and lastly, as I've said many times we are in the first phase of the bull market and some down side isn't bad but it builds a better base for the bull. I think that a double bottom isn't that far from happening because the price target of the rising wedge is the same price target to double bottom and that might be the start of the second phase of the bull market which will make the prices go crazyyy.
In conclusion, on the short term I'm expecting a down turn in the prices but on the long term that is very bullish.