๐จ Analysis: Will the Descending Wedge Break Out? Let's Dive In! ๐จ
๐ 4H Chart Overview:
is struggling to break resistance, moving within a descending wedge over the past few days. Historically, descending wedges tend to break upwards, hinting at a potential bullish reversal. Letโs explore the key scenarios ahead!
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Scenario 1: Bullish Breakout ๐
๐น Path 1: Current candle trajectory indicates the upper wedge resistance is at $1.00.
๐น If $1.00 is broken:
1๏ธโฃ Next resistance is at $1.03.
2๏ธโฃ Clearing $1.03 could trigger an ascending wedge, paving the way for new highs in the coming days.
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Scenario 2: Downward Test ๐ป
๐น If resistance at $1.00 holds, $USUAL might test the lower wedge between $0.82 - $0.85.
๐น After this potential dip:
1๏ธโฃ A bounce could target the upper wedge resistance between $0.90 - $0.92.
2๏ธโฃ Breaking $0.92 would push $USUAL toward $0.96, and breaking $0.96 opens the door to higher levels.
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Summary: Key Levels to Watch
๐ Resistance: $1.00 โ $1.03 โ New Highs
๐ Support: $0.85 โ $0.92 โ $0.96
โ ๏ธ Important Note: Keep a close eye on BTC movementsโits influence on could dictate the next big move.
๐ก Pro Tips:
Manage Risks: Set stop-loss levels to protect your capital.
DYOR: Always do your own research before making decisions.
Stay Vigilant: Watch the charts and prepare for volatility!
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๐ Will break out of the wedge? Stay tuned, and letโs ride the wave together!
