In Partnership With

Today’s report will include:

COOKIE Technical Analysis
Market Psychology
Trading Tools

COOKIE Major Support & Oversold Conditions

Brutal down-trending price action on COOKIE continues as it approaches a key high time-frame support level situated at $0.17 cents. A reaction at this level is a high probability as price will be well over-extended.

Points to consider,

Single Print Candle Fills
0.17 Next High Time-frame Support
Price Action Range
RSI Oversold Conditions

COOKIE testing the lower support level situated at $0.17 cent is considered bullish as it will fill in the current market inefficiently - that is the Single Print Candles. These candles have a long body with no wicks, the base of the body of these candles have a statistical probability of being tested and/or filled.

Retesting and holding the lower support will place emphasis on a trading range with $0.39 being the resistance. The move to the upside has a probability of being impulsive due to extreme oversold conditions, this can be seen on the RSI below.

Relative Strength Index

The previous overbought conditions on the RSI marked the top in price action, this initiated the brutal bearish expansion. Penetrating the oversold condition alongside the test of the HTF support will greatly increase the probability of an oversold bounce, marking a potential local bottom.

Overall, COOKIE remains in a local bearish trend, a reversal is likely to occur at the lower support, making it a valid long area and/or zone. Price action is to be upon discretion/ management when executing the trade.

Hope this analysis helps.

Trading Tools ⚒ 🔧

Discover Blofin.com: Your gateway to high-leverage crypto trading with no KYC, user-friendly interface, and top-tier liquidity. Start maximizing your trading potential today!

Click here to explore Blofin.com now