The coin skyrocketed 45% in a single daily candle right after breaking out of the red rectangle.
That rectangle represents a major support zone on the chart — so as long as it’s pulling back, it’s likely just retesting that zone before starting a new bullish leg upward.
This area lines up with the 0.618 Fibonacci level, plus both the 25 EMA and 50 EMA, which are getting ready to form a golden cross, and it also matches the descending trendline.
⚠️ Caution with futures trading though — market makers can easily play psychological tricks around this exact zone
Best Regards:
Ceciliones🎯
That rectangle represents a major support zone on the chart — so as long as it’s pulling back, it’s likely just retesting that zone before starting a new bullish leg upward.
This area lines up with the 0.618 Fibonacci level, plus both the 25 EMA and 50 EMA, which are getting ready to form a golden cross, and it also matches the descending trendline.
⚠️ Caution with futures trading though — market makers can easily play psychological tricks around this exact zone
Best Regards:
Ceciliones🎯
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.
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.