[ $Usual]
Main Trend
The image shows that the USUAL/USDT pair is currently moving in an uptrend phase on the 4-hour timeframe. This can be seen from the consistent formation of higher highs and higher lows. The trend line shows strong bullish momentum.
Double Bottom Pattern Formation
A Double Bottom pattern can be seen that has formed in a strong support area. This pattern is a bullish signal that indicates a potential price reversal from the previous downtrend. The price has managed to break through the neckline of the pattern, confirming further increases.
Price Target
Scenario A & C (Bullish)
If the bullish momentum is maintained, the price has the potential to head towards the Fibonacci Extension target which is in line with the resistance area around $1.41 - $2.20. This path is in line with the projection of the increase in the image (label A).
Scenario B (Retracement)
If a correction occurs, the price is likely to test the support area around $1.20 - $0.99, in line with the projection on the correction path (label B). This area is a potential accumulation zone.
Supporting Indicators
Moving Average (MA)
The blue MA reflects the medium-term bullish trend, acting as dynamic support. As long as the price remains above this MA, the bullish momentum is expected to persist.
Volume
The increase in volume during the breakout of the Double Bottom pattern confirms the validity of the pattern, but the volume decreases during the consolidation. High volume will be needed to support further movement.
Personal Opinion
The formation shown in this analysis shows favorable conditions for the continuation of the medium-term bullish trend, as long as the critical support around $1.20 - $0.99 remains intact. The Double Bottom pattern provides a solid basis for price increases. However, given the potential for technical corrections that are common $in uptrends, a prudent approach is to wait for further confirmation at key resistance zones or retracements for entry opportunities.
The consistency of volume and macro trends on this asset also need to be considered. If the resistance at $1.65 is successfully broken, there is a potential for a significant increase to the psychological level of $2.00 - $4.00 or higher.
public question
what do you think?
what do you think the possible scenarios are?
What do you think about the usual price reaching $2.00 or vice versa $0.99 in the time span of 27 Dec 24 to 2 Jan 25?