Despite the continuous D2T bearish pressure in the market, the price fails to go beyond the $0.024 price level. The supply line has shifted closer to the demand line, narrowing the price channel, but the demand line remains unaffected by the pressure. With the resistance level shifting closer to an unmovable support level, what we should expect is a soon bullish price breakout as the selling pressure wears out at $0.024.
- Resistance: $0.060, $0.065, and $0.070
- Support: $0.020, $0.0025, and $0.030
Dash 2 Trade Price Analysis: The Indicators’ Point of View
The bands of the Bollinger Bands indicator contract as the tug-of-war approaches its climax. The price behavior seems to be forming a falling wedge triangle pattern with the candlesticks, and this is a signal of an imminent bullish price breakout. Although selling pressure has kept the market below the 20-day moving average, from this perspective, the bearish momentum has diminished significantly. The forces of the market are now matching against each other as traders, at this price level, are undecided on which side to take. However, the probability that the bulls will beat the bears is very high, because the major demand line remains very strong and unmovable.
D2T/USD Short-Term Outlook: (1-Hour Chart)
From the 1-hour chart outlook, we can see that the bulls are already bouncing back as the market turns to the upside. In the Moving Average Convergence and Divergence (MACD), the fast line is also recoiling, and also, the faded red histograms are progressive. Though the market is in the bear, zone according to the Relative Strength Index (RSI), there is an increasing bullish sentiment among traders.
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