Graphic Analysis:
1. Formation and Trend:
• The falling trend line appears to have been broken upwards, signaling a major trend change.
• The price action after the breakout shows signs of a transition to a bull market.
• Technically, a symmetrical triangle or descending wedge formation has formed and an upward breakout has occurred.
2. Target and Prices:
• First target: 12-13 USD zone (previous resistance point).
• Second target: around 21 USD, showing 421% upside potential (noted on the chart).
• Long-term target: Above 30 USD, especially if there is a general uptrend in the market.
Support and Resistance Levels:
• Supports:
• 5.50 - 5.80 USD: Main support level (lower limit of trend change).
• 4.80 USD: Support level before the rally.
• Resistors:
• 7.50 - 8.00 USD: Intermediate resistance zone.
• 12 USD: Major resistance level.
• 21 USD: Big target.
Indicator Analysis:
• RSI: There is bullish momentum, but watch out for overbought territory.
• MACD: In positive territory, bullish signal confirmed.
• Volume: Increasing volume during the breakout supports that the upward move is getting stronger.
Strategy and Advice:
1. Short Term Strategy:
• Resistance can be tested in the 7.50 - 8.00 USD area, you can consider profit taking at these levels.
• Apply stop-loss if the price falls below 5.50.
2. Medium Term Strategy:
• Targets can be set as 12 USD and then 21 USD respectively.
• In case of pullbacks, 5.80 - 6.00 USD levels can be considered for purchase.
3. Long-Term Strategy:
• If the overall crypto market trend is positive, above 21 USD can be set as a long-term target.
Risk Management:
• Stop-loss level: Exit should be made in case of declines below 4.80 USD.
• Considering the volatile nature of the market, it is recommended to trade with 5-10% of the total investment.
