Technical Analysis - July 2, 2024

👀Overview

TOSHI has been displaying a promising double bottom pattern on the 4-hour (4H) timeframe, indicating a potential bullish reversal. Here’s a detailed analysis:

🕰️Timeframe

This analysis focuses on the 4-hour (4H) timeframe to capture medium-term price movements and patterns.

📊Trend Analysis

The overall trend for TOSHI/USDT has been bearish, as evidenced by the consistent price movement below the moving averages (red lines). However, the recent formation of a double bottom pattern suggests a possible trend reversal.

📈Chart Patterns

A double bottom pattern has formed on the chart, which is a bullish reversal pattern. This pattern is characterized by two distinct lows at approximately the same price level, indicating strong support and the potential for a trend change.

🤝🏻Key Levels

- **Support Level**: The strong support is around 0.00002000, where the price has found a base twice.

- **Resistance Level**: The critical resistance to watch is around 0.00003800, the neckline of the double bottom pattern.

🎯Potential Target

If TOSHI breaks above the resistance level at 0.00003800, we could see the price rally towards the next target of 0.00007000, confirming the bullish reversal indicated by the double bottom pattern.

📝Summary

- **Bullish Scenario**: A breakout above 0.00003800 could propel TOSHI towards 0.00007000, confirming the double bottom pattern and signaling a potential upward trend.

- **Bearish Scenario**: Failure to break the resistance could lead to further consolidation or a retest of the support levels around 0.00002000.

Keep an eye on these key levels and patterns for potential trading opportunities. Always remember to do your own research and trade responsibly.