Double Bottom Chart Pattern, Bullish Trend Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News
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Annual Forecast for Cardano (2022)
An increase in the Bulls’ pressure may push the price to penetrate the resistance level of $0.918 and the resistance levels of $0.928 and $0.936 may be tested. In case the Bears’ pressure increase, the price may decline towards the direction of $0.914, $0.909 and $0.893 support levels.
Key Levels:
Supply levels: $0.918, $0.928, $0.936
Demand levels: $0.914, $0.909, $0.893
USDCHF Long-term Trend: Bearish
USDCHF is bearish on the weekly outlook. At the beginning of last year, an inverted head and shoulder chart pattern emerged; this triggered an upward movement of the price to the resistance level of $0.946. The just mentioned level hold the price and bearish engulfing candle formed on the weekly chart. The scenario triggered a bearish movement to $0.89 level support level. The bulls gained more pressure and the price increased to $0.93. At the moment, the price is dangling within $0.90 and $0.92 levels.
The currency pair is trading below the two EMAs at a distance as a symbol of a bearish market. The price is trading below the 9 periods EMA and 21 periods EMA. An increase in the Bulls’ pressure may push the price to penetrate the resistance level of $0.918 and the resistance levels of $0.928 and $0.936 may be tested. In case the Bears’ pressure increase, the price may decline towards the direction of $0.914, $0.909 and $0.893 support levels. The Relative Strength Index period 14 is at 50 levels without specific direction.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish on the daily chart outlook. Bulls are defending the support level of $0.909 at the moment. It looks like the price action is producing a double bottom chart pattern. In case it formed, it will be the beginning of a bullish trend in daily chart.
The two EMAs are interlocked to each other and the currency pair is trading below the 9 periods EMA and 21 periods EMA at close contact which connotes a bullish market in the USDCHF market. However, the Relative Strength Index period 14 is at 50 levels with signal line pointing up to indicate buy signal.
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