Hi everyone, if here and I’m doing, a quick video update on HBAR today in the ray graph and I’m looking at the 12-hour charts. This is a near to immediate term update and. I’m going to take you through my process in terms of what I expect for HBAR over the next few hours and something that I’m looking at is the phoenix ascending technical indicator and. A technical indicator at this point is showing that. We are about to experience much more downward pressure.
This is quite an extremely bearish scenario where the green energy comes out below the Gray whilst under the 50 line. Also, the green making contact with the red wires going down the red and the blue, the red is the red rsi, the blues, the blue plasma, also underneath the 50 line, all pointing to quite a severe bearish indicator.
And we also have the volume at this point indicating that we might be seeing some more downward pressure now in terms of looking at where. We could be going what our support and resistance are. I’m gonna use my bar over here and just to draw in our first basic line.
Support is our previous resistance. Over here previous resistance then became our new support and is currently still acting as our support so. This is roughly between 14 and 16 And it seems so far that we are going lower, we’ve tested the support quite a few times, not a good indicator generally. You want to test the support, see enough buying pressure to push the price back up. But we are once again testing the support, making it a little bit weaker every time.
So, where could we be going next all right now to take a look at that what? I’m going to do. Is I’m going to look at the previous resistance because? Ultimately, our previous resistance will become, our new support, so I’m taking a look roughly over here is our previous resistance became the new support over there and. That will be the next line of support if.
Our current support doesn’t hold all right, and that is around about 0.10 it seems. So generally, we won’t go all the way. Down and, these kinds of things have a tendency, To go halfway first, so what we might be seeing is get my brush ready if we cannot close daily candles above the support, line and looking at the technical indicators it seems we might not. We can get a second confirmation on that by looking at the bowling events and we see.
The bowling events are in fact expanding. They are in fact expanding and the 20-day moving average is curving down, so we have a second confirmation there are two technical indicators pointing towards that. We might be seeing more downward pressure correlating with the increase in volumes. What we could be seeing is something like this in case. We don’t close a candle above the support we could be seeing a halfway and possibly we could go back up, and then the question is this.
Going to act as our new resistance or will we be able to break all the way back up from here now. That’S the one scenario that I see. Happening the second scenario that I see happening is we don’t really have a lot of support in this area. As you can see a slight bit over here and a slight bit over there. What we could do is we could go halfway depending on the volume briefly, trade sideways and then re-test.
Our previous resistance will then be our new support and this is kind of a more medium-term over the next few days, what I’m seeing happening because of the technical indicators. So this looks like the more obvious scenario to me. Looking at the phoenix scene, and the Bolinger bands, it doesn’t seem to me at this point that we will go. I need to draw this that we will go back up from here all right that doesn’t seem likely at this point, judging by the technical indicators so yeah, just a brief summary on the bar once again technical indicators pointing towards more bearish pressure to come. The Bollinger bands are expanding to the downside.
The 20-day moving average is curving down, which is the yellow dots over there starting to curve down and. I always use these two indicators technical indicators together, phoenix ascending and bowling events. They are meant to be used together, and then other than that. We can see that we have just tasted this support a little bit too often without seeing a positive movement back towards the upside, not enough buying pressure in this zone to give us the momentum that we would ideally want to see when. We touch a support line.
Ideally, when we touch support. You want to see something like that a lot of buy order is getting filled enough volume, pushing the price action back up but since the peak, something else that I can also point out. Just roughly looking at the chart. Quick, it’s pretty much solid. I almost want to say triple top here is a severe supply zone, very strong-selling area, which has basically caused the price to make lower highs.
And driving us all the way back down to our previous resistance, which is now our support so. If we cannot maintain closing candles, above this line, the technical indicators suggest that we might not we will be testing most likely halfway first and then the next obvious place for us to go is the previous resistance, which should then be acting as the new support, and that is roughly around. Zero. Pointing and that’s it on HBAR.
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