Hello, let’s take a look at the REEF/USDT trading pair. The project is very risky — it was delisted from Binance and several other exchanges. Trading volumes are low, and prices as well as supported networks differ across exchanges.
Nevertheless, a classic bullish pattern has formed — a descending wedge. The candlestick analysis together with the Fibonacci retracement levels align perfectly. There is a clear downward impulse (which I marked as 1) followed by a strong buyback (marked as 0).
Then, everything follows the classic scenario: the price entered the buy zone, which lies between –18% and –61.8% on the Fibonacci scale. I expect the price to reach the target zone at 72.8%, which corresponds to the width of the descending wedge and sits just below a strong resistance area (or seller’s zone, as some prefer to call it).
All in all, this is a very high-risk setup, and the project itself remains extremely speculative.
Nevertheless, a classic bullish pattern has formed — a descending wedge. The candlestick analysis together with the Fibonacci retracement levels align perfectly. There is a clear downward impulse (which I marked as 1) followed by a strong buyback (marked as 0).
Then, everything follows the classic scenario: the price entered the buy zone, which lies between –18% and –61.8% on the Fibonacci scale. I expect the price to reach the target zone at 72.8%, which corresponds to the width of the descending wedge and sits just below a strong resistance area (or seller’s zone, as some prefer to call it).
All in all, this is a very high-risk setup, and the project itself remains extremely speculative.
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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.