The price is moving within a descending channel on the hourly timeframe. It has reached the lower boundary and is trending towards a bounce. A retest of this boundary is expected.
The Relative Strength Index (RSI) indicates a downward trend, and this trend is likely to continue due to the overbought condition.
A key support zone (in green) was found at 31.88, and the price has bounced off this zone several times, making it a strong support level.
The price is trending towards the 100-period moving average, which we are approaching. This trend supports an upward move.
Entry Price: 32.52
First Target: 33.55
Second Target: 35.00
Third Target: 36.77
Stop Loss: At the resistance zone (in green)
Remember this simple rule: Money Management.
Any questions, please leave a comment.
Thank you.
