TWTUSD Trade the break-outs. Bullish reversal may come soon.

CRYPTO:TWTUSD   Trust Wallet Token
Trust Wallet Token (TWTUSD) is trading within a Channel Down pattern since December 2022. Yesterday it touched the Support Zone and rebounded, making a Double Bottom structure so far. At the same time it is restrained by the 1D MA50 (blue trend-line) as the short-term Resistance. There is a medium-term Resistance Zone since mid-June within 0.9700 - 0.9915 and it's where the 1D MA200 (orange trend-line) is headed to.

We see this range within the Support and Resistance Zones as neutral territory and only willing to trade the break-outs above or below. A 1D candle closing above the 1D MA200 would be bullish, targeting the 0.618 Fibonacci retracement level at 1.3000. A 1D candle closing below the 0.7115 Support would be a bearish break-ou, targeting 0.5350, which would be a -46.26% decline from the top, similar to the previous two within the Channel Down.

Notice that a 1D Bullish Cross that is about to be formed, may represent a long-term trend change to bullish.


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