This chart shows CFX/USDT on a daily timeframe with a Gann Square overlay highlighting price and time levels. Below is the analysis:
### Chart Analysis:
#### 1. Overview:
- Asset: CFX (Conflux) against USDT.
- Current Price: 0.1691 USDT (up by 3.62% today).
- Gann Levels and Geometry: This Gann Square incorporates key levels and angles, with major supports and resistances derived from both price and time.
#### 2. Key Gann Levels:
- 0° = 0.1025 USDT: Strong foundational support level; a potential long-term bottom.
- 90° = 0.1370 USDT: Recent support where the price bounced upwards.
- 180° = 0.1766 USDT: Current resistance zone; the price is consolidating just below it.
- 360° = 0.2706 USDT: A significant upside resistance level.
- 450° = 0.3251 USDT: A key medium-term target.
- 540° = 0.3846 USDT: Represents further resistance on a bullish breakout.
#### 3. Price Action Insights:
- The price is currently attempting to break through 180° (0.1766 USDT) after bouncing off 90° (0.1370 USDT).
- If the price holds above 180°, it could trend higher toward 360° in the coming weeks.
#### 4. Diagonal Analysis:
- Green and Pink Lines (Gann Angles): These represent key areas of reversal or breakout, depending on the interaction with price and time.
- If the price aligns with the diagonal resistance, it may temporarily retrace.
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### Potential Scenarios:
#### Bullish Scenario:
- Condition: Sustained price action above 0.1766 USDT (180° level).
- Targets:
- First Target: 0.2706 USDT (360°).
- Second Target: 0.3251 USDT (450°).
#### Bearish Scenario:
- Condition: Rejection at 0.1766 USDT and a breakdown below 0.1370 USDT.
- Targets:
- First Target: 0.1025 USDT (0°).
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### Recommendations:
#### Short-Term Traders:
- Watch for a breakout above 0.1766 USDT (180°) with volume confirmation for potential long entries.
- Place stop-loss below 0.1370 USDT (90°) to minimize risk.
#### Long-Term Investors:
- Accumulate near strong support levels such as 0.1370 USDT (90°) or 0.1025 USDT (0°) for a favorable risk-to-reward ratio.
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Wish you best of luck Trading
