The purple projection suggests a powerful third-wave extension. Immediate resistance sits at the recent high of $0.7679$. Once breached, the primary upside targets are the Fibonacci extensions at $0.8546$ and $0.9071$.
We are currently transitioning from the accumulation phase to an impulsive phase:Wave (i) Completion: The first impulsive move peaked at $0.7679$.Wave (ii) Retracement: The price is now seeking a higher low. Key support levels to watch for the start of Wave (iii) are the 0.5 ($0.5857$) and 0.618 ($0.5427$) Fibonacci retracement levels.Bullish Confirmation: As long as the price holds above the $0.4035$ floor, the macro bullish structure remains intact.
The chart shows a classic Falling Wedge breakout. The corrective phase followed a complex WXYXZ pattern, reaching a definitive bottom at $0.4035$. This terminal (Z) point was confirmed by a strong Bullish RSI Divergence, where price action made a lower low while the momentum oscillator began trending upward.
We are currently transitioning from the accumulation phase to an impulsive phase:Wave (i) Completion: The first impulsive move peaked at $0.7679$.Wave (ii) Retracement: The price is now seeking a higher low. Key support levels to watch for the start of Wave (iii) are the 0.5 ($0.5857$) and 0.618 ($0.5427$) Fibonacci retracement levels.Bullish Confirmation: As long as the price holds above the $0.4035$ floor, the macro bullish structure remains intact.
The chart shows a classic Falling Wedge breakout. The corrective phase followed a complex WXYXZ pattern, reaching a definitive bottom at $0.4035$. This terminal (Z) point was confirmed by a strong Bullish RSI Divergence, where price action made a lower low while the momentum oscillator began trending upward.
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HoneyBadger is the Top-1 Master Trader on Bybit TradFi.
Find more analytics and our trading results here - t.me/Neuro_trade_AI_bot?start=Tradingview
HoneyBadger is the Top-1 Master Trader on Bybit TradFi.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.