Description:
This idea analyzes the HBAR/USDT price action using Fibonacci retracement and extension levels to identify key areas for a potential correction and subsequent bullish rally.
Key Observations:
1. Fibonacci Retracement Levels:
• The retracement is drawn from the recent low at 0.0476 to the high at 0.3841, revealing key levels:
• 0.236 (0.1233): Potential first support.
• 0.382 (0.1731): Major support zone.
• 0.618 (0.2537): Current key resistance level.
• 0.786 (0.3111): Next potential resistance.
2. Fibonacci Extension Levels (Bullish Targets):
• If HBAR rebounds strongly, the Fibonacci extension levels offer potential price targets:
• 1.618 (0.595): First key target.
• 2.618 (0.936): Higher resistance zone.
• 3.618 (1.277): Optimistic rally target.
• 4.236 (1.488): Maximum bullish potential in this projection.
3. Price Action Projection:
• I anticipate a short-term correction to the 0.382 retracement level (0.1731) before a bullish rally toward higher Fibonacci extensions.
• The 0.618 level (0.2537) is currently a critical resistance zone that needs to be broken for further upside.
4. Market Sentiment:
• This projection assumes bullish continuation after the retracement. A break below 0.1731 could invalidate this setup.
Disclaimer:
This analysis is for educational purposes only and not financial advice. Please conduct your own research and trade responsibly.
Would love to hear your feedback and thoughts on this setup! Let’s discuss in the comments! 🚀
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