$BIRB demonstrates signs of a transition from impulsive growth to a consolidation phase. After a rise of 170%, the price stabilized around $0.28777, testing the area near the EMA(7) moving average. The RSI indicator has pulled back from the overbought zone to neutral values, indicating a healthy cooling off. The current level is critical for determining the medium-term direction: successful holding above $0.275 — $0.290 could create a foundation for a new wave of growth after a regrouping of forces.
An important range is currently forming between support $0.275 and resistance $0.326 (EMA(25) level). The ability of the price to hold in the upper part of this range will signal the strength of buyers. A break and close above $0.326 will open the way for a retest of higher levels. Otherwise, a loss of the current support zone may initiate a deeper correction to $0.233.
Entry (long on the bounce from support): $0.290.
Targets:
TP1 — $0.326
TP2 — $0.355
Stop-loss: $0.272 (break and close below the level $0.275, which will violate the structure of potential accumulation).
Strong trends often move in waves. The consolidation phase after the first powerful wave is not weakness, but a necessity to gather energy for the next surge.
What do you consider a more convincing sign of the end of the correction and readiness for growth — the formation of a specific bullish candlestick pattern (e.g., hammer) at support or a consecutive rise in lower lows of the RSI indicator during sideways price movement?