In this analysis, we will examine the price action of FETUSDT which suggests the beginning of a major Wave 3, which is typically the longest and strongest wave in an Elliott Wave cycle. Currently, it appears that sub-Wave i of Wave 3 is nearing completion, indicating a potential short-term reversal before the continuation of the uptrend.
As sub-Wave i of Wave 3 comes to an end around our immediate supply zone, we anticipate a bearish divergence with the Relative Strength Index (RSI) to form sub-Wave ii. This bearish divergence, characterized by higher price highs and lower RSI highs, would signal a weakening of the bullish momentum and a potential short-term correction before the next upside move in sub- Wave iii.
The major area of interest, which could coincide with the completion of sub-Wave ii, presents a potential accumulation zone for investors looking to enter long positions. This area may act as strong support, offering a favorable risk-reward ratio for those anticipating the continuation of the bullish trend in sub-Wave iii.
A successful completion of sub-Wave ii and a subsequent move to sub-Wave iii could signal the continuation of the uptrend and offer attractive entry points for long positions in FETUSDT.
Remember always that cryptocurrency investments are highly volatile and carry significant risks. Trade wisely
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Price reached accumulation zone
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Price formed bullish divergence with RSI at a good Area of interest zone, this is a bullish potential in the mid term.
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+150% profit made after price tested our Major Area of interest for Bull, Congratulations to all.
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The ongoing rally in Fet is still in progress; however, an anticipated correction to form a potential wave 4 is expected. Our immediate Order Block (OB) stands as a strong buy-back area during this phase. Implementing a stop loss is advised, considering the risk associated with a potential failure of this immediate OB.
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Fetusdt is demonstrating strong resilience above the neckline zone of the Cup & Handle setup. It is conceivable that we might observe one additional sharp decline towards the neckline prior to the commencement of the final rally. The target for the final setup is indicated on the chart for reference.