$FORTH The weekly chart of has shown the formation of a descending triangle, which typically indicates a continuation or reversal pattern, depending on the breakout direction.
Recent price action shows a move into the Ichimoku Cloud, signaling growing bullish momentum. If the price breaks out above the descending triangle, a significant uptrend may begin.
Key Levels for $FORTH
Buy Zone.
$3.20 to $3.80
This is a low-risk entry zone where accumulation can be considered. Look for a confirmed breakout above the triangle for safer entries.
Targets After Breakout.
1. $7.55
A key resistance level, likely the first profit zone.
2. $12.44
Strong resistance; reaching this indicates the continuation of a bullish trend.
3. $18.81
Mid-term target; the breakout can accelerate at this level.
4. $33.50
Long-term target; requires significant bullish momentum.
Stop-Loss Levels.
Conservative Stop-Loss: $2.90
Aggressive Stop-Loss: $2.50 (if you're prepared for higher volatility).
Strategy.
1. Wait for a confirmed breakout above $4.00 on strong volume.
2. Use the buy zone ($3.20–$3.80) to accumulate if the price consolidates.
3. Keep an eye on the Ichimoku Cloud; staying above it suggests bullish control.
Risk Management.
Only invest what you can afford to lose.
Adjust your stop-loss as the price moves in your favor to protect profits.
If the breakout fails and the price closes below $3.00, reconsider the bullish bias.
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