CFX/USDT Accumulation Zone: Potential for Bullish Reversal
Technical Analysis of CFX/USDT
The chart provides an interesting setup, with the past inverse head and shoulders pattern indicating a potential shift in market sentiment. Although this pattern already broke in the past, it serves as a reference for a possible change in the overall market direction.
Currently, the price has found support at the 1200 level, which presents a strong accumulation point for long positions. This level has held multiple times, suggesting that buyers are stepping in to defend it as a significant demand zone. As long as the price remains above 1200, the outlook leans bullish with potential for upward movement.
Key Levels to Watch:
- Accumulation Zone: 1200 – a solid area for entry into long positions, as it has proven to be a reliable support level.
- Target Resistance: 2350 – if momentum builds, this is the next significant level to aim for.
The moving average ribbons hovering near the price indicate that the trend is transitioning. A decisive push above these ribbons could solidify the bullish reversal.
👨🏻💻💭 What’s your take on this accumulation zone at 1200? Let’s discuss strategies and give this idea a boost if you’re watching for a breakout!
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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.