Technical Analysis (Evaluation of Visual Chart)
1. General Appearance:
• Price Structure: The long-term downtrend has ended with a symmetrical triangle formation. The price has broken out of the top of this triangle, indicating a potential uptrend.
• Uptrend: The price started an upward movement after breaking the triangle. This movement can be expected to continue.
2. Target and Price Levels:
• First Target: The 1.2580 level has previously worked as resistance and has been determined as an important target point.
• Second Target: The 1.5700 level may be the target of a longer-term rise.
• Third Target: 3.1000 level, the main target if the strong uptrend continues.
3. Support and Resistance:
• Support Levels:
• 0.5670 Level: Can act as a critical support. If this level is lost, the price may make deeper corrections.
• EMA 200 (Purple Line): Can be monitored as long-term trend support.
• Resistance Levels:
• 0.9500 Level: Should be followed as the current resistance level.
• EMA 50 (Green Line): Can be considered as short-term resistance.
4. Indicators:
• EMA (Exponential Moving Averages): EMA 50, EMA 100 and EMA 200 lines show the direction of the trend and support-resistance areas. Staying above the EMAs confirms that the rise is getting stronger.
• Volume: The increase in volume after the breakout supports the strength of the move.
5. Formations and Formation Reversals:
• Symmetrical Triangle Breakout: Price breaking the triangle upwards supports the upside potential.
• Potential Cup Formation: If the price rises, the cup formation may be completed and this formation may trigger a stronger rise.
6. Trend Direction:
• Short Term Trend: Up
• Medium Term Trend: Strong uptrend
• Long-Term Trend: Potentially bullish, but watch out for major resistance levels.
7. Strategy and Recommendations:
• Buying Strategy: Buying from the levels where the triangle formation is broken may be logical in terms of risk management. If the price remains above EMA 50, it can be considered as a good signal for buying.
• Stop-Loss: Below the 0.5670 level, stop-loss can be determined for risk control purposes.
• Profit Taking: You can consider taking profit gradually at the levels of 1.2580 and 1.5700.
• Strength of the Uptrend: Closes above EMA 200 should be monitored to confirm the strength of the uptrend.
Conclusion:
• The breakout in this chart indicates bullish potential. It is important to stay above the EMAs in order to continue the movement towards the target levels. Volume and support-resistance levels should be monitored closely.