1. Formation and Structure Analysis:
• Rounding Bottom: The chart appears to have formed a rounding bottom pattern. This pattern usually indicates the end of a downtrend and the beginning of an uptrend.
• Formation Target: The target of the Rounding bottom is measured as the depth of the bottom moving upwards. This target coincides with the upper resistance levels indicated on the chart.
2. Target and Prices:
• The first target is at 0.30795. This area is compatible with Fibonacci levels and areas that have worked as resistance in the past.
• The second target is 0.57370, this area has been determined as a strong resistance area.
• The third target is seen as 1.08670, the long-term potential points to this level.
3. Support and Resistance Levels:
• Support: The 0.19 level is acting as the current support zone.
• Resistance: 0.30 and 0.57 levels are the main resistance areas. Breaking these areas is critical for the realization of the targets.
4. Indicators and Trend Direction:
• The trend is up. Round bottom formation and increasing volume support the rise.
• Fibonacci levels need to be followed closely. 0.382 and 0.618 levels are critical.
5. Strategic:
• Short Term Transaction: Buying can be done from the 0.19 support zone. Gradual profit taking can be considered up to the first target level of 0.307.
• Medium and Long Term Transaction: If the 0.30 level is broken, a movement towards the 0.57 and 1.08 targets can be expected.
• A stop-loss level below 0.18 can be determined. This is important to limit potential risks.
6. Recommendations and Comments:
• Rounding Bottom formation is a reliable formation. However, volume increase should support this formation.
• In order to achieve the targets, price movements in resistance areas must be followed carefully.
• These targets can be achieved more quickly, especially if there is a positive atmosphere in the market in general.
As with any trading strategy, risk management should be kept at the forefront and positions should be taken flexibly according to developments.