Part 6/8:
They highlight a key support zone between 5.5 to 6 cents, with the price bouncing off this area multiple times historically. The chart indicates that the current setup resembles a bottom formation, although uncertainty remains, as markets can always revisit lower levels.
Key Resistance and Support Levels
The critical resistance area identified is around 9 to 10 cents, which the price must break to validate bullish momentum. Surpassing this zone would likely trigger the liquidation of many remaining shorts, further fueling upward price action. The speaker emphasizes watching for multiple touchpoints and consolidations in this zone, alongside increasing volume, as indicators of a potential breakout.