In the 4-hour chart we can see a that a double bottom has been formed (inside a support area visible in higher time-frames).
There are three reasons that I think the entire breakout of this double bottom will play out.
So, the first target would be at the high between the two bottoms ($0.245) while the second one at the previous breakdown level ($0.27).
There are three reasons that I think the entire breakout of this double bottom will play out.
- The pattern is combined with bullish divergence in the RSI.
The RSI has broken out from an ascending triangle
The price has broken out from a short-term descending resistance line
So, the first target would be at the high between the two bottoms ($0.245) while the second one at the previous breakdown level ($0.27).
That definitely took longer than expected, but the first target is reached!
-RSI clearly above 50
-Possible ascending support line.
Expecting the price to get to the target within a week.