ASCM For fellow traders evaluating a long position, here’s the reasoning behind the setup:
Falling wedge breakout: The price has successfully broken out of a falling wedge, a bullish reversal pattern. Additionally, the breakout level has been retested, confirming it as a solid support zone.
88% retracement: The asset has retraced 88% from its recent bottom, aligning with typical wave 2 behavior in a larger motive wave. This deep pullback strengthens the likelihood of an upcoming impulsive move.
RSI confirmation: The Relative Strength Index (RSI) is forming higher lows, indicating weakening bearish momentum and increasing buying pressure.
Monitoring volume and key resistance levels could help refine the entry strategy. Let me know if you’d like to expand on any specific details!
ASCM 
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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.