Position: LONG (Confidence: 80%)
The chart indicates upward momentum with a strong bullish candlestick and Fibonacci levels being tested.
Recommended Leverage: 8x
Based on current volatility and risk management strategies.
Entry Zone:
• $6.00 - $6.08
🎯 Target Levels:
• T1: $6.25 (+2.82%)
• T2: $6.43 (+6.21%)
• T3: $6.71 (+10.79%)
• T4: $7.00 (+15.45%)
⛔ Stop Loss:
• $5.79
🔄 Reversal Strategy if Stop Loss Triggers:
• New Entry: $5.75
• New Targets:
• T1: $6.00 (+4.34%)
• T2: $6.25 (+8.69%)
• T3: $6.43 (+11.82%)
• New Stop Loss: $5.60
Key Technical Points:
1. Fibonacci Levels:
• The chart shows a test of the 38.2% Fibonacci retracement at $6.08, indicating bullish support.
• The next major level is 61.8% at $6.43, aligning with Target 2.
2. EMA Crossover:
• The 20 EMA (short-term) is crossing above the 50 EMA, signaling a continuation of the bullish trend.
3. RSI:
• Currently neutral (~55) but trending upwards, leaving room for price movement to the upside.
4. Volume Spike:
• A visible increase in volume suggests accumulation by buyers, aligning with the bullish price action.
Market Overview:
• The price is trending near $6.08, with strong support at $6.00 and further downside protection at $5.79.
• A breakout above $6.25 could drive momentum towards higher Fibonacci extensions ($6.71 and $7.00).
• Maintain tight stop losses due to medium-range volatility observed on the 30-minute chart.