Hello.The primary trend (blue trend line) has been smashed by the price 2 months ago.The result was to enter the decline stage(MA10 ,MA 20 and MA 50 give us a signal for the decline much earlier).When price went down from the MA295 its was almost sure that this stage has been established.
As we see the sellers have the upper hand now and buyers are not willing to take the risk yet to change the situation.
What to wait to the near future:
1)The accumulation stage.This stage should be established at the support levels.
2) a)First support level: Price=1.27878(fibo 61.8%).In this level we will see how aggressive and willing will be the buyers because they will try to go the price higher.If they (buyers) will not achieve their goals then we gonna see lower prices
b)Second support level:Price=1.25046(fibo 76.4%).Second......Battle between the buyers and sellers.In my opinion this will be the lowest price before the buyers take the control of the market.
As we see the sellers have the upper hand now and buyers are not willing to take the risk yet to change the situation.
What to wait to the near future:
1)The accumulation stage.This stage should be established at the support levels.
2) a)First support level: Price=1.27878(fibo 61.8%).In this level we will see how aggressive and willing will be the buyers because they will try to go the price higher.If they (buyers) will not achieve their goals then we gonna see lower prices
b)Second support level:Price=1.25046(fibo 76.4%).Second......Battle between the buyers and sellers.In my opinion this will be the lowest price before the buyers take the control of the market.