Technical Analysis (WIF / USDT Perpetual Futures - Weekly Chart)
1. General Chart Review:
• The price has broken through an important resistance level after a prolonged consolidation.
• It is observed that the price has entered a strong uptrend in the weekly time frame.
• After the breakout, the price may rally towards the upper target levels.
2. Target and Prices:
• Fibonacci Target Levels:
• 0.618: 3.4263 USDT (The level at which the target may have been completed)
• 1.000: 4.8850 USDT (A significant bullish target)
• 1.618: 7.2450 USDT (Potential upper target if the rally continues strongly)
• 2,000: 8.7037 USDT (Long term target)
• Support Levels:
• 2.5250 USDT (Fibonacci 0.382 support)
• 2.0000 USDT (Important psychological support level)
3. Support and Resistance Levels:
• Support: 2.5250 USDT may offer a buying opportunity if there is a strong pullback.
• Resistance: 4.8850 USDT, this level can act as a strong resistance and should be watched carefully.
4. Indicators:
• Volume: Increasing volume during the breakout indicates that the rise is supported. If there is a decrease in volume, caution should be exercised.
• RSI (Relative Strength Index): If it is approaching the overbought region, one should be wary of a potential correction.
• MACD: A positive trend indicates that momentum is strong.
5. Formations and Formation Reversals:
• Formation: A reverse head and shoulders (OBO) formation breakout or a rising wedge formation may have formed.
• Formation Reversal: An upward breakout gives a strong signal that the rise will continue.
6. Trend Direction:
• Short Term Trend: Uptrend is strong and supported.
• Medium Term Trend: The rise continues, the broken resistance level may become a new support area.
• Long-Term Trend: After the breakout, the upward movement is possible to reach long-term targets.
7. Strategy and Recommendations:
• Buying Strategy: If the level of 2.5250 USDT is maintained, buying opportunities can be evaluated.
• Risk Management: Stop-loss should be set just below the broken trend line. (For example, 2.0000 USDT level)
• Profit Taking: It may make sense to take profit gradually. As you approach the 4.8850 USDT and 7.2450 USDT levels, some of the position can be closed.
• Volume Monitoring: If volume increases to support the rise, this indicates a continuation of the rise. If there is a decline, caution should be exercised.
8. General Comment:
• The upward movement is likely to continue after the breakout. However, volume and momentum indicators should be monitored carefully.
• In the long term, the potential to reach target levels is high, but risk management is important.
• The strength and sustainability of the rise may vary depending on market conditions and volume dynamics.
