Chart Analysis and Interpretation
1. Target and Prices
• Potential Upside Targets: According to the Fibonacci extension levels shown on the chart, the price has the potential to reach the 1.618 level of $95 and then the 2.618 level of $150.
• Current Price: The price is currently at $34.67 USD, a key resistance area.
2. Support and Resistance Levels
• Supports:
• 28 USD: A strong horizontal support level, if the price maintains this area it may support an uptrend.
• 21 USD: The main support level where the formation begins should be monitored carefully in declines.
• Resistors:
• 38 USD (Key Zone): Breaking this zone may accelerate the upward movement of the price.
• Among the upper targets, the levels of 60 USD, 95 USD and 150 USD stand out as important resistances.
3. Formations and Formation Reversals
• Formation: A large falling wedge formation is seen and there are signs that this formation is breaking upwards. This breakout is usually a strong bullish signal.
• Formation Reversal: After the breakout, we see that the price is in an important resistance area and if it stays above this area, it can move towards higher targets.
4. Trend Direction
• Short-Term Trend: There is an uptrend. The price has broken above the falling trend line.
• Medium Term Trend: The price is expected to continue its upward trend, especially if it holds above the 38 USD level.
5. Indicators
• Volume: An increase in volume is important for the rise to continue. Breaking resistance levels with high volume supports a stronger rise.
• Momentum Indicators: Indicators such as RSI and MACD should be monitored carefully. Overbought or oversold areas can determine the strength of the trend and potential reversal points.
6. Strategy and Recommendations
1. Long Positions: If a volume close is seen above the 38 USD level, purchases can be made for higher targets.
2. Stop-Loss: Daily closings below the 28 USD level may require placing a stop-loss for risk management purposes.
3. Take Profit Points: The first take profit point can be targeted at 60 USD. Longer term investors can target the 95 USD and 150 USD levels.
4. Risk Management: When investing, it is important to risk a small portion of the portfolio and open positions carefully, taking volatility into account.
General Evaluation
• The current technical structure indicates a strong upside potential. If the price breaks through the critical resistance areas, a major uptrend could be triggered.
• Therefore, resistance breaks and volume increases should be monitored carefully.
