Analysis and Comment: FIL/USDT
1. Chart Review:
• The chart shows a strong downtrend line, which was broken in the past period. This break is an important signal that the trend may turn upwards.
• The 23,617 level stands out as the upside target, and this area offers a gain potential of approximately 412%.
2. Support and Resistance Levels:
• Support Levels:
• 6.50 USD: First short-term support.
• $5.80: A strong horizontal support area.
• 4.80 USD: Long-term major support.
• Resistance Levels:
• 9.00 USD: First major resistance area.
• 12.50 USD: Intermediate resistance level.
• 23.60 USD: Main target.
3. Indicator Analysis:
• Volume: There is an increase in volume. This could mean a strong confirmation of the breakout.
• RSI: Moving towards the overbought area. Be careful, a possible correction may come.
• MACD: It shows a positive crossover and has generated a buy signal.
4. Formations and Formation Reversals:
• Descending Triangle Formation: A formation that has been tested before and broken upwards.
• Currently, the price may be in a post-breakout retracement phase. This could be a sign of a stronger rally.
5. Trend Direction:
• An upward trend prevails in the medium and long term. However, caution should be exercised against the risk of correction in the short term.
6. Strategy Proposal:
• Acquisition Strategy:
• Positions can be opened at current levels. However, for a safer entry, a pullback to 6.50-6.00 USD levels can be expected.
• Take Profit Levels:
• First target: 12.50 USD.
• Second target: 23.60 USD.
• Stop Loss:
• Daily closing below 5.80 USD should be considered as the stop level.
• Extra Attention: Gradual profit realization can be made when the price approaches resistance areas.
As a result, a strong technical reversal pattern has formed in the FIL/USDT pair. The potential gain target of over 400% is quite attractive, but it should be noted that with such big gain potential, the risk is also high.