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The chart shows PHB/USDT on the weekly timeframe forming a symmetrical triangle pattern. Here's the analysis:
Key Observations:
1. Symmetrical Triangle Formation: The price is compressing within the triangle, and a breakout is expected soon. The breakout direction will determine the trend (bullish or bearish).
2. Volume Increase: The volume is increasing slightly, signaling that a strong move might be near.
3. Targets from Breakout: Based on the chart, the projected target for a bullish breakout is around $3.91 (+182%).
Potential Trade Plan:
Buy Ranges (For Bullish Breakout):
Accumulation zone: $1.90–$2.05 (current levels).
DCA zones: $1.75 and $1.50 if prices dip further but stay within the pattern.
Targets:
Target 1: $3.00 (psychological resistance).
Target 2: $3.91 (measured move).
Extended target (if momentum sustains): $5.00+.
Stop Loss:
Conservative SL: $1.60 (below recent low).
Aggressive SL: $1.45 (below the triangle's lower trendline).
Sell Signal:
A breakdown below the lower trendline ($1.50) would invalidate the bullish setup. If this happens, shorting or avoiding the asset is advisable.
Chinese New Year Impact:
Historically, Chinese projects sometimes gain momentum ahead of the Chinese New Year due to increased market.
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