The price breakout at the demand level of $38 by the Bears will expose the $32 demand level. In case the demand level of $38 holds, the price may reverse.
Supply levels: $43, $47, $52
Demand levels: $38, $32, $27
CGC Medium-term Trend: Bearish
On the medium-term outlook, CGC is bearish; the double top candle pattern formed at the $43 supply level in the CGC market brought about the fall of CGC price. The demand level of $38 was reached and the price pulled back. Today, the Bears resume their bearish activities.
The CGC price remains below 21 periods EMA and 50 periods EMA and the two EMAs bending to the trend direction to indicate bearish momentum and a further decrease in CGC price. The price breakout at the demand level of $38 by the Bears will expose the $32 demand level. In case the demand level of $38 holds, the price may reverse.
CGC Short-term Trend: Bearish
The CGC price is Bearish on the short-term outlook. Yesterday, the bullish reversal candle pattern called “Inside bar” formed at the $38 price level and the price moved up towards the 21 periods EMA; this happened to be a price retracement. Today, the Bears resumed into the market with increased pressure and the price began to decrease.
The price is trading below the 21 periods EMA and 50 periods EMA.
The Stochastic Oscillator period 14 is below 75 levels pointing down to indicate sell signal.
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