The purple line shows the current support area for NAVBTC. While it seems like a strong support, be aware of current market situation (Bear market). A head and shoulder can be seen on the chart also. The black line aligned under the head and shoulder shows the heavy resistance area. This means that it will probably take a long time for NAVBTC to recover if the bear market continues. On top of that, it may seem like falling wedges are forming on the 4H / 240M Chart. Falling wedges may show a sign of drop in the future. If the price cannot reach the dark green line within 12 hours and doji stars forming then it could mean that there is not enough demand. This will cause suppliers to drop their NAVBTC which causes red candles. If it ever touches the pink line (200 EMA) then it would probably drop and stabilise before testing the resistance again. As NAVBTC has already crossed underneath the pink line, we can now say that it is probably likely that it remains this way for a long time (Longer the time, more difficult to reach the height again). As you can see, fibonacchi retracemAtent shows the support levels. We are currently near the 0.786 zone which has strong support. If this support line breaks then consider NAVBTC going into a couple of months consolidation. If the price reaches the dark green line then there may be a possibility for both up and down in the price movement.
My personal opinion at the moment: If the market is still bad then prepare for the worst scenario... a break through the 0.786 support level. It will probably stop around this area for a couple of hours before the market decides which way to go. At the moment, NAVBTC doesn't look too good with its volume for one month already. In a couple of days (2 days) if the price doesn't meet the dark green (50 EMA on 4H) and the price is staggering then it will probably drop down. 1 day chart also shows MACD trending downwards.
Summary: Could drop within 2 days if price does not reach the dark green 50 EMA on 4H chart. A shift in price will probably happen if you see small candle sticks at the top without any movement.
My personal opinion at the moment: If the market is still bad then prepare for the worst scenario... a break through the 0.786 support level. It will probably stop around this area for a couple of hours before the market decides which way to go. At the moment, NAVBTC doesn't look too good with its volume for one month already. In a couple of days (2 days) if the price doesn't meet the dark green (50 EMA on 4H) and the price is staggering then it will probably drop down. 1 day chart also shows MACD trending downwards.
Summary: Could drop within 2 days if price does not reach the dark green 50 EMA on 4H chart. A shift in price will probably happen if you see small candle sticks at the top without any movement.
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An example of reversal of trend would look like this. A inverse head and shoulder pattern should be formed:
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It seems like we are heading towards 22k - 23k before bouncing back to our new support which was our resistance!
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Be care for bull trap!