$REEF
Previous Analysis Recap
A double bottom reversal pattern was confirmed, indicating a potential trend reversal.
Current Analysis
After a 5-wave drop, REEF's price is poised for an upward cycle. The correction phase is expected to follow a 3-wave movement.
Fibonacci Retracement
The price may reach the Fibonacci range of 50-62%, offering a lucrative reward-to-risk ratio.
Key Levels
- Support: 0.002029 (24h Low)
- Resistance: 0.002298 (24h High)
- Fibonacci Levels:
- 50%: 0.002165
- 62%: 0.002211
Trading Strategy
Long positions can be considered at current levels, targeting the Fibonacci range (0.002165-0.002211). Stop-loss below 0.002029.
Market Sentiment
Bullish reversal signals and Fibonacci retracement suggest a potential uptrend.
Conclusion
REEF's technicals indicate a potential upward cycle after a 5-wave drop. The double bottom reversal pattern and Fibonacci retracement offer a compelling reward-to-risk ratio. Keep a close eye on key levels and market sentiment.
