🔴Today I closely monitored the movement of the GMX# currency, and according to the technical indicators I am observing, the price is currently around $18.31 with a clear fluctuation between a high of $23.15 and a low of $15.00.🍀
🔸️On the daily timeframe, I still see a strong positive signal, as the moving averages give me 11 buy signals against one sell signal, which for me confirms that the overall trend is still upward. The Relative Strength Index (RSI) is around 55, which gives me comfort that the price has not yet entered the overbought territory dangerously.
🔸️However, on the very short timeframe (hourly), I notice that the trend is leaning towards a decline, with neutral to negative technical signals, so I expect a slight correction before any continuation of the upward movement.
🔸️As for short-term expectations, I see that the price may try to test the $19 area during today or tomorrow, but I do not rule out that we may witness a later drop towards levels of $14-15, which for me is a strong support area that I may rely on as a new buying point if the price reaches it.
🌟My current strategy:
For quick speculation: I move cautiously and take advantage of any short rebound from support areas.
For medium to long-term investment: I hold part of the position and monitor the resistance between $19-20, with a stop-loss below $14.