Analysis and Commentary


1. Chart Review:


The chart in the image shows that a potential rise may begin when a horizontal resistance level is broken. Fibonacci levels were used to determine target prices.


2. Target and Prices:


• First target: 1.156 USD (Fibonacci 1.0 level).


• Second target: 1.771 USD (Fibonacci 2.618 level).


• Third target: 2.377 USD (Fibonacci 3.618 level).


These targets will be valid if there is a volume break above the resistance level.


3. Support and Resistance Levels:


• Support Levels: There is a strong demand area in the 450-500 USD band.


• Resistance Levels: Breaking the 690 USD level may pave the way for an increase.


4. Indicators:


• EMA (Exponential Moving Average) curves support the upward trend of the price.


• Bollinger bands are widening, indicating that price action may accelerate as volatility increases.


• The RSI (Relative Strength Index) may be approaching the overbought territory, indicating the potential for some correction.


5. Formations and Formation Reversals:


• The Inverse Head and Shoulders (TOBO) formation is observed. A strong rise can be expected with the completion of this formation.


• The price is experiencing a consolidation at the neckline level.


6. Trend Direction:


• An upward trend prevails in the medium and long term.


• In the short term, a horizontal consolidation is observed.


7. Strategic:


• Short Term Transaction: Buying can be done when the volume increase is confirmed by breaking the 690 USD level.


• Long Term Transaction: If there is a pullback towards the 450-500 USD band, these levels may be suitable for buying.


• Stop Loss: Below the 450 USD level can be determined as the stop loss point for short-term transactions.


8. Advice to Investors:


• Consider market volume, trading activity and macroeconomic conditions before investing.


• Waiting for the resistance level to be broken and for this break to be supported by volume will reduce the risk.


• A strategy of protecting profits can be implemented by gradually determining price targets.



The chart is signaling a strong formation and trend reversal. However, it is useful to be careful during periods of high volatility.