Good day, for a novice "trader" like me could you please explain "breaking out down trend line" please? What I'm getting from this graph is you suggest to buy at around the 0.0813 line and expect the price to climb to target of 0.1000? Could you give me a little insight as to why you interpret the graph like this please?
@Stoukie, Hi there, that is correct. The trend line act as a resistance and the fact that it is crossing in a bullish way (notice the big green candle) means more people are interested to buy than to sell. Also RSI has a still room to go up which is a further confirmation of this possible up trend. Also, candles are doing higher lows, it may retrace a bit, but overall it wants to go up:
@roosgar, thank you for the reply, comparing the graph from when you did the prediction to now is almost perfect, will definitely follow you. Thank you for taking the time to reply to a novice like me, appreciate it!