Further increase in the Bears’ momentum will push the price to reach the demand level of $38.
Supply levels: $43, $47, $52
Demand levels: $38, $32, $27
CGC Medium-term Trend: Bearish
CGC continues its bearish movement on the medium-term outlook. The major cause of the declination of the CGC price is the formation of a double top candle pattern formed at the $43 supply level in the 4-hour chart. The demand level of $38 was reached and the price pulled back. Today, the Bears resume their bearish activities pushing the price down to retest the demand level of $38.
The CGC price is still trading below 21 periods EMA and 50 periods EMA at a distance range which indicates an increase in the bearish momentum. Further increase in the Bears’ momentum will push the price to reach the demand level of $38.
CGC Short-term Trend: Bearish
The CGC price is Bearish on the short-term outlook. On June 24, the CGC price reversed at the $38 demand level with the formation of inside bar candle. It is a bullish reversal candle pattern; the price rise towards dynamic resistance level (21 periods EMA). Further increase in price was resisted at the level. The price descended again towards the previous low with weak momentum.
The price is trading below the 21 periods EMA and 50 periods EMA at close range to each other which indicates low momentum in the CGC market.
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