#DOT/USDT 1D DOWNWARD BULLISH WEDGE
Good day, everyone!
The price is currently in a downward bullish wedge pattern within the D movement. The horizontal trading angle at 5.5 on the Fibonacci correction level of 0.55 from the local high has been tested several times, which increases the likelihood of the next attempt to break through and result in a false breakout to the upside (ROS).
I anticipate a reversal from the ROS point, as this is the first time we will be in this area. The OTW Fibonacci levels of 0.705 - 0.709 come into play. Moving forward, we are heading towards the formation of the E movement.
Keep in mind that, according to classical analysis, the E movement might not reach the bottom of the wedge. Instead, it could reverse earlier with a likelihood of breaking out of the wedge and fully completing the formation, targeting the global limit level of 10.757. Wishing everyone profitable trades. Until next time.
The price is currently in a downward bullish wedge pattern within the D movement. The horizontal trading angle at 5.5 on the Fibonacci correction level of 0.55 from the local high has been tested several times, which increases the likelihood of the next attempt to break through and result in a false breakout to the upside (ROS).
I anticipate a reversal from the ROS point, as this is the first time we will be in this area. The OTW Fibonacci levels of 0.705 - 0.709 come into play. Moving forward, we are heading towards the formation of the E movement.
Keep in mind that, according to classical analysis, the E movement might not reach the bottom of the wedge. Instead, it could reverse earlier with a likelihood of breaking out of the wedge and fully completing the formation, targeting the global limit level of 10.757. Wishing everyone profitable trades. Until next time.