#CGPT
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 has been identified in green at 0.01870, 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 a potential upward move.
Entry Price: 0.01920
First Target: 0.01956
Second Target: 0.02000
Third Target: 0.02053
Stop Loss: At the resistance zone in green
Remember this simple rule: Money management.
Any questions? Please leave a comment.
Thank you.