Inverted hammer candlestick
Possibly early trend changing signal
50 days moving average looking to act as additional support with $1.985
Stochastic signals showing in oversold region
Entry: $1.985 – $2
Time frame: 2 weeks – 1 month
By looking at the last candlestick, we can get a rough idea of the trading momentum for that day.
Although sellers are able to drive the prices down, at some point during trading, buyers were actually able to drive the prices up.
This could be a early warning signal for potential trend reversal in time to come.