We've identified a compelling trading opportunity characterized by both double and triple bottom formations. In addition, we've established two distinct profit-taking targets, clearly indicated on the chart as '1' and '2'.
Furthermore, we've employed white boxes to demarcate key support and resistance levels, enhancing our understanding of the market dynamics. Notably, our analysis reveals a descending triangle pattern, signifying a potential breakout.
Our recommended trading strategy involves initiating a buy position at the lower boundary of the triangle, positioning for an upward movement. Subsequently, consider selling either at the market zone marked '1' or '2', depending on your risk tolerance and market conditions
Ignore the red dotted lines, these are support/rezistance zones in lower time frames
Furthermore, we've employed white boxes to demarcate key support and resistance levels, enhancing our understanding of the market dynamics. Notably, our analysis reveals a descending triangle pattern, signifying a potential breakout.
Our recommended trading strategy involves initiating a buy position at the lower boundary of the triangle, positioning for an upward movement. Subsequently, consider selling either at the market zone marked '1' or '2', depending on your risk tolerance and market conditions
Ignore the red dotted lines, these are support/rezistance zones in lower time frames
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Ok we are in falling wedge pattern
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Updated Trading Scenario:
I've received numerous private messages regarding this trade, so I'd like to provide an updated analysis. Currently, our market is exhibiting a descending channel pattern, which can provide valuable insights for our trading decisions.
On the chart, you'll notice a prominent white box, which represents a significant buy zone. This area is where traders often find support and opportunities for potential long positions. It's essential to pay close attention to this region as it can act as a strong support level.
Additionally, the Elliot Wave theory is a valuable tool in technical analysis. In our current chart, the Elliott Wave count suggests that we are in the process of completing an ABC correction.
I've received numerous private messages regarding this trade, so I'd like to provide an updated analysis. Currently, our market is exhibiting a descending channel pattern, which can provide valuable insights for our trading decisions.
On the chart, you'll notice a prominent white box, which represents a significant buy zone. This area is where traders often find support and opportunities for potential long positions. It's essential to pay close attention to this region as it can act as a strong support level.
Additionally, the Elliot Wave theory is a valuable tool in technical analysis. In our current chart, the Elliott Wave count suggests that we are in the process of completing an ABC correction.
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updated elliot wave count, i am expecting target around 0.1285 usd
updated elliot wave count, i am expecting target around 0.1285 usd