The $0.0118 price level is the new support level that the bulls secured after they lost grip on the $0.0153 price level. At this new support level, the Dash 2 Trade bear market appears to have reached its exhaustive limit, as the indecision at this level increases the proximity between the support level and the resistance level. The bulls became aggressive in the second 4-hour trading session as they made a very significant movement to the upside. There was no presence of the bears felt in the session, as the candlestick shows no shadow on top or bottom.
Key Levels
- Resistance: $0.060, $0.065, and $0.070
- Support: $0.010, $0.009, and $0.008
Dash 2 Trade (D2T) Price Analysis: The Indicators’ Point of View
The Bollinger Bands indicator reaches its climax in the first 4-hour session of today. Initially, the bands have been converging, and as the market breaks out to the upside, the two standard deviation curves of the indicator diverge. This is due to bearish activities in the first trading session and the third trading session. In the third trading session, a bearish presence is being felt, but for now, the bulls have the upper hand. Currently, the bulls are capturing $0.014. Due to the bullish performance in the previous session and the current session, the Relative Strength Index portrays an almost vertically rising pattern of the RSI line. But there is still a bit of bearish sentiment around the $0.014 price level.
D2T/USD Short-Term Outlook: 1-Hour Chart
As the volatility increased in the market, the bulls took advantage of it. However, around the $0.014 price level, bears are beginning to respond to the strong bullish trend of the previous sessions. But a higher support level is forming at the $0.0132 price level. This new higher support level should provide the basis for the continuation of the bullish trend. The Bollinger Bands indicator of the 1-hour timeframe is already illustrating an uptrend price channel as the two standard deviation curves and the 20-day moving average curve begin to move in an upside direction.
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